Wondering When To Buy Bitcoin? Here Are The Levels To Watch

As a result of market volatility and Bitcoin (BTC) price fluctuations, identifying the perfect times to purchase the pioneer cryptocurrency may be difficult. Taking this into consideration, a crypto analyst has pinpointed key price levels for investors to watch for potential buying opportunities.

Buy Levels To Watch For The Bitcoin Price

A crypto analyst identified as ‘Stockmoney Lizards’ took to X (formerly Twitter) on August 1 to discuss Bitcoin’s recent price movements, highlighting key buy levels and the cryptocurrency’s propensity for a price increase. The analyst notes that Bitcoin’s current price actions indicate a classic 5-wave uptrend followed by an ABC correction with an overarching wave B.

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An ABC correction is a continuous pattern that happens during uptrends or downtrends. It’s a pattern throughout the Elliott Wave Theory that reflects a 3 wave correction and helps discover a trend continuation.

Sharing a Bitcoin price chart illustrating each wave (A, B, and C), the analyst disclosed that Wave B ended on the Value Area High (VAH) across the $69,885 mark. In keeping with the analyst, this price level historically acted as a resistance. Which means that Bitcoin’s price may face difficulty moving above this point.

Source: X

The analyst further revealed that the $66,745 price point also acted as a resistance level for Bitcoin. He highlighted this critical level on the BTC price chart, emphasizing that the red line represents a Point Of Control (POC) for the cryptocurrency.

Furthermore, the 1.618 Fibonacci extension level for Bitcoin is identified as a possible support area for a latest uptrend. The analyst disclosed that this important level coincides with the 0.5 Fibonacci retracement level and the Value Area Low (VAL), that are all necessary support levels.

Concluding his evaluation, the crypto analyst suggested that the support area between $61,800 and $62,300 was a vital buying level to look at out for. He noted that on the upper timeframe, Bitcoin’s potential uptrend was still intact, adding that if the cryptocurrency’s price breaks below the $61,800 mark, then an additional decline to check the two.618 Fibonacci extension at $56,800 ought to be expected.

Overall, the crypto analyst is leaning towards a bullish outlook for the short term and mid term timeframes in Bitcoin’s price. On the time of writing, Bitcoin is trading at $61,594, reflecting a 4.21% decline within the last 24 hours, based on CoinMarketCap.

BTC Poised To Breakout In September

Other analysts have also remained relatively bullish on Bitcoin’s price, predicting rallies to latest all-time highs for the pioneer cryptocurrency. In keeping with a crypto analyst identified as ‘TOBTC’ on X, Bitcoin experienced a major decline in its price, falling below the $63,000 price mark.