Why Bitcoin is a perfect purchase at $62K until the next spike – Fund manager

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According to Vailshire Capital, the consolidation following new all-time highs means that now is the time to purchase BTC in “wildly bullish” conditions.

On Thursday, Bitcoin (BTC) appeared poised to retest previous all-time highs, with a fund manager describing it as a “great opportunity to buy.”

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Cointelegraph Markets Pro and TradingView showed a 3.3% daily comedown for BTC/USD taking aim at new support levels on Thursday.

Bitcoin outlook “wildly bullish”

After soaring to nearly $65,000 on Monday, Bitcoin started to stabilise in a new range as the excitement around Coinbase’s successful Nasdaq listing died down.

At the time of publication, the biggest cryptocurrency was trading about $62,600, around $700 more than the previous month’s record of $61,700.

This region, according to Vailshire Capital Management CEO Jeff Ross, should now set the stage for a support-resistance flip, which, if successful, would cause BTC/USD to rise further.

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“Healthy retest of previous consolidation wedge ceiling. Macro view: Wildly bullish. On chain analytics: Wildly bullish,” he wrote on Twitter on the day.

“Opinion: Price should close above old ‘ceiling’ of ~$61,250, then surge higher. Great opportunity to buy before next leg higher.”

Sellers cool off under $70,000

A look at exchange order books tended to affirm desire, even among avid buyers, for allowing Bitcoin to gain a few thousand dollars on short timeframes.

On Binance, sale orders were first lined up at $65,000, with a larger band of resistance currently in place at $70,000 and $72,000.

 

BTC/USD buy and sell order heatmap. Source: Material Indicators

Analysts have long focused on the upper stages, with one even identifying them as “destiny” in the short term.

Other on-chain measurements revealed sustained investor interest across the board, with the overall number of Bitcoin wallet addresses holding 0.01 BTC or more surpassing 9 million for the first time.

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Bitcoin wallets with 0.01 BTC or more. Source: Glassnode

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