Top crypto analysts have noticed Bitcoin’s price action lately with the crypto bouncing back above $59k. This resurgence comes after a brief dip, prompting experts to weigh in on crucial price levels.
Altcoin Sherpa highlighted Bitcoin’s return to a familiar trading range, urging caution while noting strong bullish signals. Meanwhile, CryptoCon emphasized Bitcoin’s resilience, maintaining that his long-term price target remains intact.
Bitcoin Claims Former Trading Levels
Altcoin Sherpa shared insights on Bitcoin’s market position on X. He noted that BTC has returned to its former trading range, creating uncertainty in the short term. Sherpa advised those who entered at lower levels to consider taking profits around the current price point.
$BTC is cleanly back in the former trading range; not really sure what's going on in the short term. If in from lower, its probably prudent to take some profits around this region: 1d EMAs all clustered up and this is an interesting S/R level pic.twitter.com/RD23jjCAwP
— Altcoin Sherpa (@AltcoinSherpa) August 9, 2024
The analyst highlighted the clustering of daily EMAs and identified the current level as an interesting support and resistance zone.
Despite the short-term uncertainty, Sherpa maintains a cautiously optimistic outlook. He emphasized the strong reversal seen in the past 12 hours and an improving macro picture.
Key BTC Levels to Watch
Sherpa outlined several scenarios for Bitcoin’s price action in the near term. He suggested monitoring how BTC handles a potential pullback to $59k. A strong hold at this level could signal a quick move towards the $70k. Alternatively, bullish consolidation might also lead to a similar outcome.
However, Sherpa cautioned that a break below $55k would introduce more uncertainty into the market. This level appears to be a critical support zone to watch.
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Will BTC Hit $94,302?
Similarly, CryptoCon via an X post, provided a unique perspective using his “Magic Bands” analysis. He likened BTC’s recent bounce to a float being held underwater, emphasizing the resilience of the $55,444 support level. This bounce has kept CryptoCon’s Level 3 target of $94,302 intact.
CryptoCon’s analysis also revealed an increase in the cycle top band to $128,062. He expects this figure to grow further as Bitcoin potentially enters new ATH territory. The analyst noted that during the drop to $49.3k, price retested the intra-band below Level 2 perfectly.
Like holding a float underwater, #Bitcoin has bounced back yet again from Level 2 of the Magic Bands at $55,444.This also means that the Level 3 target of now $94,302 is still intact.The cycle top band has increased to $128,062 and will grow much more when price enters new… pic.twitter.com/oRFfmgmE4U
— CryptoCon (@CryptoCon_) August 8, 2024
Historical Patterns and Price Action
Interestingly, CryptoCon pointed out a recurring pattern in the current market cycle. He observed that this marks the fifth instance where popular calls for a recession have been followed by a strong bounce in Bitcoin’s price.
This observation suggests a potential disconnect between broader economic concerns and crypto market dynamics. Besides, per data from CoinGecko, BTC trades at $60,940.89. This portrays a 6.98% surge over the last day with the trading volume at $46,043,581,439.
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