bitcoin has continued an upward trend, reaching $50,000 for the first time in two years, but some crypto analysts still anticipate that the token could be preparing for a possible correction.
bitcoin could see a pullback at any time
According to recent analysis by cryptocurrency expert crypto Jelle, bitcoin could be put to a new test in the short term. jelly shared his latest screenings with his thousands of followers on the social media platform X (formerly Twitter).
A bitcoin chart accompanied his X post to demonstrate his observations and visually support his claims. crypto Jelle analysis examines the current and past position of bitcoin and has identified the presence of an “ascending channel.”
He stated that bitcoin has been in this ascending channel “for the last 6 years.” Furthermore, he noted that the crypto asset will not exit the “channel in the short term.”
Because of this, crypto Jelle believes that the price of btc could witness a “new test of the midrange.” Thus, he has urged investors to get involved with the token to increase prices and avoid the imminent pullback.
The post said:
bitcoin has spent the last 6 years within this ascending channel. It doesn't look like that's going to change anytime soon. In fact, it seems like it's time to try the midrange again. Send it higher.
Jelle has also highlighted the potential for the digital asset to reach a new all-time high. in another x mailHe stressed that today is “one of those days to remember the part of the cycle we are in.”
Jelle has highlighted two different time frames for bitcoin, including the lower time frame and the upper time frame. She claimed that in the lower time frame, btc's performance looks like “dog poop.”
Meanwhile, on the higher time frame, btc's performance looks promising, suggesting a move towards a new price level. Jelle seems optimistic bitcoin as it has encouraged the community not to be “shaken out” of the market.
Mass sell-off by btc whales
Despite the bullish momentum, reports have revealed a major wave of selling by btc whales. Ali Martinez, a well-known cryptanalyst, reported Tuesday's development. on the X platform.
By Martinez's post, bitcoin whales they could lose trust in the token. Martínez stated that whales have sold more than 30,000 btc valued at $1.56 billion in the last 2 days.
The report has sparked a huge frenzy in the community, leaving cryptocurrency enthusiasts to ponder the impact of the sell-off. However, it is believed that this could be a notable development, indicating the beginning of a distribution phase, which could extend the bearish action in the short term.
Featured image from iStock, chart from Tradingview.com
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