Bitcoin It has fallen from a weekly high of $71,980 recorded on May 21. Minimum $67,000has raised concerns among crypto investors. But crypto analyst Jere suggests there's no need to worry. Price Trends of Major Cryptocurrencies.
Why investors shouldn't worry about Bitcoin's price
In a post on X (formerly Twitter), Jere noted that Bitcoin is still on a “similar path.” The 2017 Bull MarketHe said that if the crypto tokens rise again, 2021 all-time high ($69,000)it will rise parabolically. Jere predicts: Bitcoin could hit $100,000 When that happened.
previous X PostJere provided some insight into why Bitcoin is making such a quick move. He revealed that all major resistance levels have been breached. Also, the weekly Hidden bullish divergence On the Bitcoin chart, it was forming just above the high of the previous cycle.
Meanwhile, crypto trader and analyst Maggs echoed Jere’s bullish view. X PostMaggs said the recent correction was a “fakeout before the next upswing,” noting that Bitcoin has maintained a similar pattern since its price decline. It bottomed out at $15,000.The leading cryptocurrency is expected to stabilize within a range of “a few weeks to a few months.”
Maggs argues that Bitcoin will then fall below the range that catches all bears and “quickly recover and rise again.” The analyst added that if Bitcoin can repeat this pattern, we will see a “significant upside soon.”
Cryptocurrency analyst Bitquant also asserted that there is no need to panic over Bitcoin’s recent decline. X PostIn a statement, he argued that the price drop was “good evidence” that Bitcoin was preparing for a “big upswing.” The crypto analyst said the flagship cryptocurrency Up to $95,000 When this parabolic movement occurs.
BTC's outlook is bullish either way
Crypto Analyst Rekt Capital He suggested that Bitcoin's outlook remains bullish no matter what happens. Overview There are two possible moves the leading cryptocurrency could make in the future. First, he The weekly close was above $71,500. It is likely to initiate a breakout from the reaccumulation range.
However, he noted that history suggests that Bitcoin will stabilize within this range. Re-accumulation range It will continue for a few weeks. According to his analysis, Bitcoin is still poised for a significant upswing, and it's just a matter of timing. The analyst noted that a breakout now could accelerate Bitcoin's cycle.
However, if Bitcoin remains stable over the next few weeks, it could re-sync up with previous halving cycles and continue for a longer period. Bull market.
Featured image created by Dall.E, chart taken from Tradingview.com
