Bitcoin’s price hit a new all-time high near $64,000 and started dropping ever since. It dipped to a $30,000 low in late May but quickly recovered to $40,000. It has since been trending downward to trade within a range between $35,000 and $32,000.
As the flagship cryptocurrency’s price steadily moves sideways, two top traders have now shared the key levels they are keeping an eye on as most investors move away from riskier assets to favor safe havens such as gold and bonds.
Blue Line Capital President Bill Baruch, who has invested in bitcoin in the past, noted he is eyeing a key level to add more bitcoin to his portfolio:
Give me $25,000 on bitcoin, and I’d be buying more.
Baruch noted he bought bitcoin back when it was at $32,500, and that he also holds both ether and solana in his portfolio. As CryptoGlboe reported, several technical indicators suggest the price of bitcoin move be moving up in the near future.
Speaking on CNBC’s “Trading Nation,” Piper Sandler’s chief market technician Craig Johnson said he is closely watching BTC’s price movements, adding:
We broke out in January. A few months ago, we made this peak. I actually would go back and put the retracement levels on top of bitcoin, and when you see that, you can see that around 33,000 to 34,000 is a very important retracement level.
Johnson’s key levels are based on the Fibonacci retracement technical analysis, which marks key support and resistance levels on the charts. The trader added that based on BTC’s history the cryptocurrency is unlikely to drop much further, but will instead see a prolonged consolidation period.
The trader noted bitcoin’s previous cycles lasted around 1,000 days and raders have to “be prepared to batten down the hatches and kind of wait for this to consolidate for quite some time longer” before they will see the cryptocurrency move higher.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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