Crypto Analyst CrypNuevo has highlighted key price levels to watch this week for those looking for a Bitcoin buying opportunity. The analyst also provided other valuable insights into The current price movement of Bitcoin and what we can expect from the flagship crypto in the future.

Potential Bitcoin Buying Opportunity at Just $51,500

In an X (formerly Twitter) afterCrypNuevo suggested that Bitcoin investors would once again get the chance to buy the flagship crypto for just $51,500. This followed its analysis of a spot buying opportunity on Bitcoin’s Higher TimeframeThe analyst noted that $53,600 and $51,500 are two potential levels where the cryptocurrency could drop to the wicks on the 1-week and 1-day timeframes.

CrypNuevo noted that those who missed the most recent Bitcoin crash when it dropped below $50,000will get another chance to buy the flagship crypto at a discount. Meanwhile, the analyst noted that retail traders, while analyzing Bitcoin’s price action in the lower time frame, will be paying attention and will be looking for trading prices around $59,830.

As such, he claimed that there could be some market maker manipulation around that price level. CrypNuevo stated that there could be a fakeout above that price level early in the week, after which Bitcoin drops to the new $56,000 wick.

Meanwhile, CrypNuevo believes Bitcoin could present an opportunity new purchasing opportunity As it drops to lower levels in the $50,000 range, the analyst is confident that Bitcoin still has enough legs to run upwards. He stated that the “liquidity in the bigger picture is clearly on the up to $73,000.”

Therefore, the crypto analyst believed that it is safe to take spot positions at these low prices as the flagship crypto is still likely to rise to its current all-time high (ATH) for $73,000.

An interesting week ahead

CrypNuevo also indicated that this week is interesting, with the Jackson Hole Economic Symposium is coming up on Friday. The crypto community will be watching this event as the chairman of the US Federal Reserve Jerome Powell will speak and possibly give clues on what we can expect from the macroeconomic side.

The crypto analyst noted that Bitcoin will see a lot of volatility this week, as the flagship crypto historically reacts massively to this event. Powell is expected to have a potential interest rate cutthat Bitcoin investors are eagerly awaiting could happen in September. This move will increase confidence in risk assets, including Bitcoin.

Bernstein analysts have already suggested that Bitcoin’s price will continue to move sideways and only rise again after the Fed decides to cut rates.

Cover photo of Dall-E, chart by Tradingview