Bitcoin To $100K? Top Trader Sees Consolidation First, Marks 'Key Levels And Triggers For Buying And Selling'

Crypto trader Scient shared a comprehensive analysis of Bitcoin’s BTC/USD key levels and triggers for buying and selling, offering insights for both current holders and potential investors.

What Happened: His analysis includes:

• A “Sell Zone” between $71,470 and $73,250
• A “Range-Mid support/resistance” from $65,300 to $66,500
• Two “Buy Zones” from $60,800 to $59,000 and $57,256 to $55,888, respectively.
• A “One-Day Buyside Fair Value Gap (FVG)” between $62,250 and $60,050 and a “1D 200EMA support” at $58,807.

$BTC, Marking out all the key levels and triggers for buying and selling #Bitcoin

This detailed analysis is for both those who bought from lower and sideliners.

— KEY LEVELS—

Sell Zone: $71470 – $73250
Range-Mid S/R: $65300 – $66500
Buy zone 1: $60800 – $59000
Buy zone 2:… pic.twitter.com/UAuX5R7iGO

— Scient (@Crypto_Scient) July 22, 2024

The trader noted that the ideal case scenario is squeezing into the sell zone followed by consolidation between the Sell Zone and Range-mid for a few weeks before breaking higher towards $100,000.

Also Read: Shorting BTC Before Trump’s Bitcoin Conference Speech Is A Dangerous Game: 10x Research

Why It Matters: Scient’s analysis provides a detailed roadmap for Bitcoin investors. The analysis suggests that if Bitcoin consolidates above the mid-range support/resistance level, there is a higher chance of a squeeze towards all-time high levels. However, if Bitcoin starts closing below the range-mid S/R zone, it may offer an opportunity to buy at a lower price.

Scient also point out that if Bitcoin reaches the “Sell Zone,” it is likely to face significant sell pressure without an immediate break to a new all-time high. This could be a good area for investors to make a profit or go short.

On the other hand, if Bitcoin falls below “Buy Zone 1,” it may reach “Buy Zone 2,” which Scient describes as a “must-hold area” due to its significance as the macro diagonal trend support from 2019.

While Scient leans more towards a bullish outlook considering the market strength, he emphasizes the importance of having a plan for either case and the triggers to play in these scenarios.

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.

Read Next:

• Pro-Bitcoin Senator Cynthia Lummis Stirs Crypto Community With ‘Big Things Are In Store This Week’ Message

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock