CrypNuevo: Bitcoin may collapse after a sharp rise

Bitcoin BTC $65,691.66 Bitcoin -0.25% Market capitalization $1.3 trillion VOL. 24 hours $0.61 billion is once again hovering around the important $ 60,000 mark, causing mixed sentiment among market participants. While traders and investors are waiting for the next possible buying opportunity, the market is debating whether a bullish rally is coming soon.

on August 18, bitcoin analyst CrypNuevo shared his «Sunday Update» where he detailed possible movements in the BTC price. He predicts a short-term rise after breaking out of the downward expanding wedge pattern observed by various traders. Some analyzes suggest that this pattern could push BTC to the $ 100,000 level.

CrypNuevo expects a short-term surge to $ 62,000, which he believes will attract the attention of breakout traders before a further drop below $ 54,000. Such a move, he believes, would create a «bull trap.»

On a larger scale, CrypNuevo sees this drop as a potential buying opportunity. Using its «wick-filling» strategy, it has two key targets: $ 53,600 and $ 51,500, with the possibility of prices falling below $ 50,000 if market conditions are right.

Despite this short-term bearish outlook, CrypNuevo maintains a medium-term bullish stance, predicting a rise to BTC’s all-time high of $ 73,000. He points to the significant liquidity pools at $ 63,000, $ 67,000, $ 70,500, and $ 73,000 as targets, suggesting that BTC will likely strive to reach these levels.

The crypto expert advises traders to keep an eye on these price points, noting the high volatility of cryptocurrencies and the inherent risks.