On June 17, renowned cryptocurrency strategist Astronomer (@astronomer_zero) shared his comprehensive outlook for Bitcoin's imminent breakout, highlighting that timing is more critical than price for investors who are currently hesitant to enter the market. Although he predicts that the upward trend that began at $18,000 in 2023 will continue, Astronomer cautions that entering the market too early could negatively impact the risk-reward ratio for the next phase. He stated, “Planning to buy now into BTC is expected to net you a move of over 70% in a short period of time. But as we approach those 10 weeks, confirmed by price action, BTC is closer to breaking out.”
Astronomer asserts that Bitcoin's breakout is unlikely before June 30, suggesting that significant price movements are statistically more probable after this date. He refers to a long-standing principle in the crypto market: Bitcoin typically leads the way, with altcoins following its momentum.
His roadmap includes a tiered accumulation strategy based on probabilistic support levels. He noted, “Statistical analysis suggests that the expected close before the price rises is around $103,000. This could be a good entry point. The anticipated target based on previous signals is $96,000, which would be a prime level for substantial investment if available. Finally, the lowest expected close is $90,000, a point where allocating nearly all available capital would be advisable.”
However, Astronomer emphasizes that timing is paramount: “If the price does not dip significantly into the $90,000 range—which I believe is unlikely—I expect June to end between $95,000 and $110,000, with little chance of dropping lower. I would continue to buy as we approach those 10 weeks, regardless of the price. Time is more crucial than price.”
He also identified structural market dynamics that bolster his predictions, including a bullish shift from spot to perpetual trading: “The order books are shifting towards more aggressive spot buying, as evidenced by the increasing premiums in the spot market.” Additionally, he referenced a recent weekly hash ribbon print, which he noted has a strong historical success rate.
Astronomer provided insights on trading altcoins, recommending that investors wait for Bitcoin to breakout instead of trying to catch falling altcoins. “It’s wiser to buy altcoins when BTC breaks out rather than attempting to catch them as they decline, as this strategy minimizes drawdowns while maximizing potential gains.”
In summary, he advised, “If I were on the sidelines, I would look to buy below $103,000 and accumulate as close to $90,000 as possible. The nearer we get to those 10 weeks, confirmed by price action, the more confident I would feel.” Astronomer reiterated his bullish perspective, indicating that a market peak will not be reached until at least $170,000. He concluded with a candid reminder: “This post aligns with our overarching bull market strategy. It offers valuable insights for those looking to make profits, whether you’re on the sidelines, holding, or seeking to enhance your investment.” At the time of reporting, Bitcoin was trading at $105,094.
