10x Research: Bitcoin's pullback to $111,673 may be the best entry point, and breaking and holding above $120,000 is also a good buying opportunity

ChainCatcher news, 10x Research founder Markus Thielen stated that traders face the choice of whether to enter immediately or wait for a better pullback opportunity. He suggested paying attention to Bitcoin's pullback to the previous resistance level turning into support, specifically below the May high of $111,673, which could become a more ideal risk-reward entry point. The risk-reward ratio typically requires at least a 1:2, so entering near key support levels is more advantageous.

Thielen pointed out that the market often retests breakout points before a significant rise, so the possibility of Bitcoin pulling back to $111,673 cannot be ruled out. However, if Bitcoin does not show a significant pullback, breaking above $120,000 and continuing to rise could also present a re-entry opportunity.

He emphasized that if the price breaks above the descending trend line connecting the highs of July 14 and July 23 and stabilizes above $120,000, it would be worth considering following the trend, but a tighter stop-loss should be set.