bitcoin has fallen from its weekly high of $71,980, recorded on May 21, to as only $67,000, raising concerns among cryptocurrency investors. However, cryptanalyst Jelle has suggested that there is no need to worry about the bitcoin-breakout-from-major-resistance-levels/” rel=”nofollow”>flagship cryptocurrency price action.
Why investors shouldn't worry about the price of bitcoin
Jelle noted in an x (formerly twitter) post that bitcoin is still following a “similar path” to running of the bulls 2017. He stated that once the crypto token again surpasses the 2021 all-time high ($69,000), will make a parabolic upward movement. Jelle predicts that bitcoin could reach $100,000 when that happens.
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In a previous x.com/CryptoJelleNL/status/1793625695920529695″ rel=”nofollow”>x publication, Jelle provided insight into why bitcoin could easily make such a move. She revealed that all key resistance levels have been breached. She also noted that one week bitcoin–ethereum-seeing-bullish-divergence-metric/” rel=”nofollow”>hidden bullish divergence had formed on the bitcoin chart, just above the previous cycle's highs.
Meanwhile, cryptocurrency trader and analyst Mags also echoed Jelle's bullish sentiment. in a x.com/thescalpingpro/status/1793554343058428267″ rel=”nofollow”>x publication, mentioned that this recent price correction was the “false before the next bullish leg.” Mags noted how bitcoin has maintained a similar pattern since its price. bitcoin-just-broke-15000-heres-comes-next/” rel=”nofollow”>bottomed out at $15,000with the flagship cryptocurrency consolidating within a range for “a few weeks or months.”
Mags claims that bitcoin then falls below the range where it catches all the bears before making a “quick recovery and another upside.” The analyst added that there will be a “big breakout soon” if bitcoin manages to repeat this pattern.
crypto analyst BitQuant also assured that there was no need to panic about the recent bitcoin crash. in a x.com/BitQua/status/1793686259719881071″ rel=”nofollow”>x publication, stated that the price drop was “good confirmation” that bitcoin is preparing for a “big jump.” crypto Analyst Predicts Flagship Cryptocurrency to Rise to as high as $95,000 when this parabolic movement occurs.
btc Outlook Is Bullish Either Way
bitcoin-price-left-danger-zone/” rel=”nofollow”>crypto Analyst Rekt Capital suggested that bitcoin's outlook is bullish regardless of what happens. He x.com/rektcapital/status/1792900331002540216″ rel=”nofollow”>border Two possible moves that the flagship cryptocurrency could make from here. First of all, he stated that a bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>weekly candle close above $71,500 would likely prompt a breakout of the reaccumulation range.
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On the other hand, he noted that history suggests that bitcoin will consolidate within this Reaccumulation range for a few more weeks. Based on their analysis, bitcoin is still likely to make significant moves higher, and the only thing that matters is timing. The analyst noted that a breakout now could mean that bitcoin would have an accelerated cycle.
However, if bitcoin continues to consolidate for a few more weeks, that will help it resynchronize with previous halving cycles, resulting in a longer period. bitcoin-bull-market-glassnode/” rel=”nofollow”>confinement.
Featured image created with Dall.E, chart from Tradingview.com
