Crypto trader CrypNuevo shared a detailed Bitcoin BTC/USD forecast, predicting a bullish mid-term target.
What Happened: CrypNuevo addressed three key questions: the target of a potential retrace, the new CME gap and upside targets.
For a potential retrace, CrypNuevo suggested that many are predicting a retest of the $60,000 range lows, but he believes it’s less likely to occur. He identified chart targets between $61,500 and $62,500, and liquidity targets at $62,000 and $61,700. By combining these, he proposed an ideal area between $62,500 and $61,700.
Regarding the new CME gap, he stated, "Big CME gaps don’t necessarily get filled immediately." He cited previous examples where a delay of at least 50 days was common, implying that the current CME gap doesn’t need to be filled right away.
Addressing his last question, the trader identified the untapped highs between $71,500 and $73,700 as the next natural move. He also mentioned the liquidations at $68,000 as a good first-take profit area for a swing long.
Also Read: Trump, Bitcoin, Ethereum ETFs, Tokenization: Trader’s Reasons For The ‘Most Bullish Crypto Setup’
CrypNuevo’s analysis provides valuable insights into Bitcoin’s potential movements. His assertion that the CME gap doesn’t need to be filled immediately could alleviate concerns about a potential immediate drop in Bitcoin’s price.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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