Cryptoanalyst Pierre has provided insight into why $69,000 is a significant price level for bitcoin. He suggested that the flagship cryptocurrency could reach a bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>new all-time high (ATH) if it successfully stays above that range.
Break Above $69,000 Could Lead to bitcoin Recovery
Pierre mentioned in an x (formerly twitter) x.com/pierre_crypt0/status/1796220664229097651″ rel=”nofollow”>mail that bitcoin must break above $69,000 as it would allow the crypto token to retest a range around the $73,000 ATH Region. This could also open up the possibility of the flagship reaching a new ATH if it enjoys a breakout during the retest of the bitcoin-realized-cap-breaks-ath-capital-inflows/” rel=”nofollow”>current ATH region.
Meanwhile, Pierre outlined what needs to happen for bitcoin to avoid a significant drop. He noted that the flagship cryptocurrency must avoid losing rank. bitcoin-price-below-67000/” rel=”nofollow”>between $67,500 and $68,200 As support. He stated that a drop below this range could lead bitcoin to retest the range between $65,000 and $66,500.
bitcoin-halving-investors-btc/” rel=”nofollow”>Cryptoanalyst Michael van de Poppe also shared a similar sentiment to Pierre, although he specifically referenced the $70,000 price level. He stated that btc will likely see a new ATH once it achieves a successful breakout above $70,000. In a recent x.com/CryptoMichNL/status/1796097756928393284″ rel=”nofollow”>x publicationstated that bitcoin must stay above $66,000 and $67,000 to avoid “further downward momentum to $60,000.”
bitcoin-price-left-danger-zone/” rel=”nofollow”>crypto Analyst Rekt Capital He also suggested that bitcoin simply needs to break above $70,000 to enter the 'parabolic uptrend' phase. However, it could be a while before bitcoin makes that successful breakout above $70,000. Arthur Hayes, co-founder and former CEO of BitMEX, foretold that btc will continue to fluctuate between $60,000 and $70,000 until August.
Van de Poppe suggested that it might not take that long for bitcoin to surpass $70,000. He x.com/CryptoMichNL/status/1795903688298688559″ rel=”nofollow”>foretold Listing Spot ethereum ETFs could trigger a significant move for bitcoin and altcoins. Eric Balchunas, Bloomberg analyst recently x.com/EricBalchunas/status/1795934675380109479″ rel=”nofollow”>foretold that these funds could come into operation in June or no later than July 4.
A weekly close above $69,000 could alter history
In a recent x publicationRekt Capital stated that a weekly close above the bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>$69,000 range “It would alter the course of history.” However, he suggested it was unlikely to happen, stating that bitcoin does not “favor such an early breakout.” bitcoin-bull-market-glassnode/” rel=”nofollow”>post-halving.” The crypto analyst had x.com/rektcapital/status/1795770314774753584″ rel=”nofollow”>previously mentioned that “history suggests that this historic break is still several weeks away.”
However, he added that it has become clear that bitcoin is “just one weekly close above the range high from entering the parabolic phase of the cycle.” Until now, Rekt Capital bitcoin-price-left-danger-zone/” rel=”nofollow”>revealed That bitcoin hit a new ATH before the halving had caused an accelerated cycle, but that the flagship cryptocurrency could consolidate for longer to resynchronize with previous halving cycles.
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