Bitcoin, along with other cryptocurrencies, underwent a major crash on October 10-11, with a record-breaking $19.35 billion liquidation.
Two weeks after the crash, a well-known analyst and professional trader suggests that Bitcoin could be on the verge of returning to its pre-crash prices.
Analyst’s Prediction for Bitcoin's Next Move
In his Bitcoin Monday Update, CrypNuevo laid out a roadmap for Bitcoin this week, identifying liquidity spots that could attract Bitcoin’s price. Based on his analysis, Bitcoin could aim for the $121,000 level, which is made up of two liquidity pools formed after the October crash and liquidations.
However, CrypNuevo warns that Bitcoin is not yet in the clear. He suggests that the cryptocurrency might first need to close the “CME gap” from this weekend. He explains that he has already taken profit in one-third of his long positions, hedging for potential retracement by setting limit buy orders around the $111,000 and $112,000 price levels.
These long positions were established by following a similar strategy and making planned purchases at the previous “CME gap” at $107,000.
Understanding the Analyst's Track Record
CrypNuevo is known for his high-accuracy trading and analysis. He has been publicly sharing his moves and insights for years. In a post from October 9, he boasted a 100% win rate in 13 trades in the 30 days leading up to the post, achieving a 103% profit.
Broader Market Trends and Corporate Acquisitions
This week has seen a strong start for Bitcoin and other cryptocurrencies, marking an overall positive day for the crypto market. Over the weekend, investors put $400 million into Bitcoin, moving away from gold. In this context, both Strategy and American Corporation added more Bitcoin to their reserves.
Michael Saylor’s Strategy acquired 390 BTC for $43.4 million, bringing the total BTC owned by the company to 640,808. Meanwhile, American Corporation added 1,414 BTC, becoming the 26th largest corporate Bitcoin holder.
Ethereum, the second-largest cryptocurrency by market capitalization, is also making moves, breaking out of the $4,200 price resistance zone, following Bitcoin’s lead.