Crypto Analyst Reveals Why $69,000 Is Very Important In The Grand Scheme Of A Bitcoin Recovery
May 31 2024 - 1:00PM
NEWSBTC
Crypto analyst Pierre has provided insights into why $69,000 is a
significant price level for Bitcoin. He suggested the flagship
crypto could hit a new all-time high (ATH) if it successfully holds
above that range. A Breakout Above $69,000 Could Lead To A
Bitcoin Recovery Pierre mentioned in an X (formerly Twitter) post
that Bitcoin must break above $69,000 as it would allow the crypto
token to retest a range around the ATH region of $73,000. This
could also open up the possibility of the flagship hitting a new
ATH if it enjoys a breakout during the retest of the current ATH
region. Meanwhile, Pierre outlined what needs to happen for
Bitcoin to avoid declining significantly. He noted that the
flagship crypto must avoid losing the range between $67,500 and
$68,200 as support. He claimed that a drop below this range could
lead to Bitcoin retesting the range between $65,000 and
$66,500. Crypto analyst Michael van de Poppe also shared a
sentiment similar to Pierre’s, although he specifically made
reference to the $70,000 price level. He claimed that BTC will
likely see a new ATH once it achieves a successful breakout above
$70,000. In a recent X post, he claimed that Bitcoin must hold
above $66,000 and $67,000 to avoid “further downward momentum to
$60,000.” Crypto analyst Rekt Capital also suggested that Bitcoin
simply needs to break above $70,000 to enter the ‘parabolic
uptrend’ phase. However, it could take a while before Bitcoin
achieves that successful breakout above $70,000. Arthur Hayes, the
co-founder and former CEO of BitMEX, predicted that BTC will
continue to range between $60,000 and $70,000 until August. Van de
Poppe suggested that it might not take that long for Bitcoin to
break above $70,000. He predicted listing the Spot Ethereum ETFs
could trigger a significant move for Bitcoin and altcoins.
Bloomberg analyst Eric Balchunas recently predicted that these
funds could go live in June or by July 4th at the latest. A
Weekly Close Above $69,000 Could Alter History In a recent X
post, Rekt Capital claimed that a weekly close above the $69,000
range “would alter the course of history.” However, he suggested it
was unlikely to happen, stating that Bitcoin doesn’t “favor a
breakout this early post-halving.” The crypto analyst had
previously mentioned that “history suggests that this historic
breakout is still several weeks away.” However, he added that it
has become clear that Bitcoin is “only one weekly close above the
range high away from entering the parabolic phase of the cycle.”
Before now, Rekt Capital revealed that Bitcoin hitting a new ATH
before the halving had brought about an accelerated cycle but that
the flagship crypto could consolidate for longer to resynchronize
with previous halving cycles. Featured image created with
Dall.E, chart from Tradingview.com
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