Bitcoin Bulls In Jeopardy? Analyst Sounds Warning Of Possible Retest
21 Februar 2024 - 7:00PM
NEWSBTC
Bitcoin has been on a bullish trend, reaching $50,000 for the first
time in two years, but some crypto analysts still anticipate that
the token might be gearing up for a potential correction. Bitcoin
Could See A Pullback At Any Moment According to the recent analysis
by cryptocurrency expert Crypto Jelle, Bitcoin could undergo a
retest anytime soon. Jelle shared his latest projections with his
thousands of followers on the social media platform X (formerly
Twitter). Related Reading: The Bitcoin “Big Money Algos” Are Here:
Will BTC Breach $70,000? A chart of Bitcoin accompanied his X post
to demonstrate his observations and further back up his claims
visually. Crypto Jelle’s analysis examines the current and past
position of Bitcoin and has identified the presence of a “rising
channel.” He stated that Bitcoin has been in this rising
channel “over the past 6 years.” He further pointed out that the
crypto asset is not breaking out of the “channel anytime soon.” Due
to this, Crypto Jelle believes that the price of BTC might witness
a “retest of the mid-range.” Thus, he has urged investors to get
involved with the token to increase prices and avoid the impending
pullback. The post read: Bitcoin has spent the past 6 years inside
this rising channel. Doesn’t look like that’s going to change
anytime soon. In fact, it seems about time for a retest of the
mid-range. Send it higher. Jelle has also underscored the potential
for the digital asset to soar higher to a new all-time high. In
another X post, he highlighted that today is “one of those days to
recall the part of the cycle we are in.” Jelle has underlined two
distinct timeframes for Bitcoin, which include the lower timeframe
and the higher timeframe. He asserted that in the lower timeframe,
BTC’s performance looks like “dog poop.” Meanwhile, in the higher
timeframe, BTC’s performance looks promising, suggesting a move to
a new price level. Jelle appears bullish on Bitcoin as he has
encouraged the community not to be “shaken out” of the market.
Massive Sell-Off By BTC Whales Despite the upward momentum, reports
have revealed a significant selling spree from BTC whales. Ali
Martinez, a well-known crypto analyst, reported Tuesday’s
development on the X platform. Related Reading: Bitcoin Whales
Steer Clear Of Significant Short Positions, Show Confidence In
Price Surge Per Martinez’s post, Bitcoin whales might lose their
confidence in the token. Martinez asserted that whales have sold
over 30,000 BTC valued at $1.56 billion in the past 2 days. The
report has sent quite a frenzy in the community, leaving crypto
enthusiasts to ponder the impact of the sell-off. However, it is
believed that this could be a notable development, indicating the
start of a distribution phase, which could extend the low timeframe
bearish action. Featured image from iStock, chart from
Tradingview.com
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