2024-8-17 12:25 |
Bitcoin’s price surged by 4.7% yesterday, bringing it close to breaking into a new hourly higher high. In a recent analysis, Cheeky Crypto addresses the short-, medium-, and long-term views for Bitcoin, questioning whether the market is on the verge of a significant breakout above the $60,000 or if the recent movement was merely an effort to extract liquidity.
Starting with the 1-hour time frame, initial expectations aligned with the previous day’s analysis. The anticipated range was between $58,800 and $59,400, with a potential rejection near the 200 hourly EMA.
Cheeky Crypto discussed whether this could be an ideal short position. However, a closed position just above the 200 EMA an hour later shifted the outlook. This structured move suggested that further upside movement was likely before any significant downside action.
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Show more +Show less –Although the stochastic indicator still showed some downward momentum, signaling that the market was not yet ready for a significant upward shift, there remained potential for a continued run higher before the next major shorting opportunities emerged. The market appeared to be trending positively following a recent dip to the lower range, with the lowest point noted at $56,700.
Looking forward, the speaker projected a slight further increase, possibly leading to a retest of the $60,000 level. The price was expected to approach the $60,196 to $60,841 range, a pocket that aligned with an institutional candle, creating a fair value gap between $59,61 and $60,846.
This area was particularly intriguing from a smart money concept perspective.
Significant Resistance on 200-day and 50-day EMAsOn the daily time frame, Bitcoin continued to face resistance at the 200-day EMA, currently positioned at $59,434. The speaker expected a rally followed by a pullback within a single daily candle. If Bitcoin were to close above the 200-day EMA, there could be potential for a bullish rally.
Read Also: PEPE Meme Coin Risks Major Decline if Price Closes Below Key Support This Week: Here’s the Outlook
However, significant resistance remained at the 50-day SMA on the daily chart, which was unlikely to be breached soon. The speaker projected continued volatility to the downside before discussing more substantial upward moves.
An Initial Decline to $44,000 Is PossibleLooking at the long-term perspective, the speaker targeted $44,000 for Bitcoin before the onset of the significant bull markets anticipated in 2025. The expectation was for substantial volatility, characterized by pumps, dumps, and liquidity extraction.
Nonetheless, the speaker emphasized that the broader picture remained optimistic, with a macro bullish run potentially leading Bitcoin to six-figure territory, between $110,000 and $140,000, during the peak 2025 bull market.
The speaker concluded by addressing those who believe the bull market is over, arguing that such an outcome would represent the weakest bull market in crypto history. Instead, the current period is seen as a buildup to a bullish market, akin to the scenario observed in 2019.
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The post Bitcoin Price to Retest $60k Level Again – Will BTC Finally Break Out? appeared first on CaptainAltcoin.
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