Bitcoin at $62K ‘great buy’ before next surge, says fund manager

Consolidation after fresh all-time highs means now is the time to buy BTC in “wildly bullish” conditions, argues Vailshire Capital.

Bitcoin (BTC) looked set to retest previous all-time highs on Thursday as a fund manager called it 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 surging to nearly $65,000 on Monday, Bitcoin began to consolidate in a new range as the buzz around Coinbase’s successful Nasdaq listing cooled.

At the time of writing, the largest cryptocurrency traded at around $62,600, around $700 higher than March’s record of $61,700

This area, Vailshire Capital Management CEO Jeff Ross believes, should now set the scene for a support-resistance flip, which, if successful, will allow BTC/USD to continue rising.

“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 appeared to confirm appetite even among ardent sellers for allowing Bitcoin a few thousand dollars’ further growth on short timeframes. 

On Binance, sell orders were lined up first at $65,000, with a more significant band of resistance now in place at $70,000 and $72,000.

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

Those upper levels have long been the focus of analysts, with one even describing them as “destiny” for the short term.

Other on-chain metrics showed sustained engagement from investors across the board, with the total number of Bitcoin wallet addresses containing 0.01 BTC or more passing 9 million for the first time. 

Bitcoin wallets with 0.01 BTC or more. Source: Glassnode

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  • cardanoCardano(ADA)$0.260196-0.85%
  • dogecoinDogecoin(DOGE)$0.0631641.33%
  • tronTRON(TRX)$0.0774861.09%
  • polkadotPolkadot(DOT)$4.501.99%
  • litecoinLitecoin(LTC)$65.301.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$189.59-0.41%
  • uniswapUniswap(UNI)$4.58-0.60%
  • stellarStellar(XLM)$0.1229001.01%
  • moneroMonero(XMR)$141.101.34%
  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
  • theta-tokenTheta Network(THETA)$0.641.26%
  • bitcoin-cash-svBitcoin SV(BSV)$29.94-1.07%
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