Analyst Says Bitcoin Is In The ‘Final Test’, Here’s Where The BTC Price Is Headed Next

Scott Matherson

8 months ago

3 mins read

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Bitcoin has seen a retracement from the $66,000 level, but that does not mean that the bullishness of the pioneer cryptocurrency is completely gone. It is currently sitting around 4% below $66,000, which still makes its $63,000 level very attractive for bulls. Although, given the current movement of Bitcoin, the market could see a deeper correction from here that could send its price spiraling below $60,000 once again.

Bitcoin Symmetrical Triangle Could Trigger A Retest

Crypto analyst Xanrox has presented a possible scenario where the Bitcoin price could decline further from here. The analyst points to the previous symmetrical triangle that had been formed on the Bitcoin chart with the last decline. This end of this symmetrical triangle sits somewhere around $56,000, which could present a roadblock for the BTC price.

However, as the analyst explains, a retest of the symmetrical triangle that takes the price back down is not entirely a bad thing. This is because a first breakout of a pattern such as the symmetrical triangle, and then a retest of it is often a positive. This is because it give traders another chance to get in on a good price.

Furthermore, the crypto analyst points out that there is an ascending channel that is being broken down on the Bitcoin chart. This also lends credence to the fact that the BTC price could still correct from here. Taking the ascending channel and the symmetrical triangle into account, then it is possible that Bitcoin does fall below $60,000 again.

As the crypto analyst explains, the first wave 1 impulse has already been completed, so a correction is in the works. Taking a look at the Fibonacci retracement, the crypto analyst tells traders to look toward the 0.382 level, as well as the 0.5 and 0.618 levels. However, the first two are much more important.

When Is The Right Time To Buy BTC?

When it comes to buying Bitcoin, the crypto analyst points out that the 0.382 and 0.5 Fibonacci levels are the best time to buy. Additionally, Xanrox points to “an unfilled FVG (Fair Value Gap)” and tells traders that it is within this region that they want to get in on the digital asset.

Currently, this unfilled FVG is sitting between $60,277 and $61,590. Given this, setting the buy orders between these levels would be advisable. The crypto analyst explains that this Bitcoin gap may not be filled completely, but that even a partial fill would be a good thing.

“I am currently very bullish on Bitcoin, and if you buy now and sell above 120K, I would consider it a good trade!” the crypto analyst said in closing.

Bitcoin price chart from Tradingview.com — BTC price loses support at $62,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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