Bitcoin Disappoints With Fall To $67,000, But Analyst Says Investors Should Not Be Fazed. Here’s Why
24 Mai 2024 - 4:00PM
NEWSBTC
Bitcoin has dropped from its weekly high of $71,980, recorded on
May 21, to as low as $67,000, raising concerns amongst crypto
investors. However, crypto analyst Jelle has suggested that there
is no need to be worried about the flagship crypto’s price
action. Why Investors Shouldn’t Be Worried About The Bitcoin
Price Jelle noted in an X (formerly Twitter) post that Bitcoin is
still following a “similar path” to the 2017 bull run. He claimed
that once the crypto token breaks again above the 2021 all-time
high ($69,000), it will make a parabolic move to the upside. Jelle
predicts that Bitcoin could reach $100,000 when that
happens. Related Reading: Pundit Predicts Shiba Inu
Competitor Dogwifhat Will Reach $10 Amid Short liquidations In an
earlier X post, Jelle provided insights into why Bitcoin could
easily make such a move. He revealed that all key resistance levels
have been broken. He also noted that a weekly hidden bullish
divergence had formed on Bitcoin’s chart, just on top of the
previous cycle highs. Meanwhile, crypto trader and analyst
Mags also echoed Jelle’s bullish sentiment. In an X post, he
mentioned that this recent price correction was the “fakeout before
the next leg up.” Mags noted how Bitcoin has maintained a similar
pattern since its price bottomed at $15,000, with the flagship
crypto consolidating inside a range for “a few weeks or months.”
Mags claims that Bitcoin then breaks below the range where it traps
all bears before making a “quick reclaim and another leg up.” The
analyst added that there is going to be a “massive leg up soon” if
Bitcoin manages to repeat this pattern. Crypto analyst
BitQuant also assured there was no need to panic about Bitcoin’s
recent dip. In an X post, he claimed that the price dip was a “good
confirmation” that Bitcoin is preparing for a “big leg up.” The
crypto analyst predicts that the flagship crypto will rise to as
high as $95,000 when this parabolic move happens. BTC’s
Outlook Is Bullish Either Way Crypto analyst Rekt Capital suggested
that Bitcoin’s outlook is bullish regardless of what happens. He
outlined two possible moves the flagship crypto could make from
here. First, he stated that a weekly candle close above $71,500
would likely kickstart the breakout from the Re-Accumulation Range.
Related Reading: Non-Empty USDC And USDT Wallets See 13.9% And
15.7% Spike, Why This Is Good For Crypto On the other hand, he
noted that history suggests that Bitcoin will consolidate inside
this Re-Accumulation Range for some weeks more. Based on his
analysis, Bitcoin is still bound to make significant moves to the
upside, and all that matters is the timing. The analyst noted that
a breakout now could mean Bitcoin would have an accelerated
cycle. However, if Bitcoin continues to consolidate for some
more weeks, that will help it resynchronize with past halving
cycles, resulting in a longer bull run. Featured image
created with Dall.E, chart from Tradingview.com
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