Crypto analyst Dippy has a bullish story for the Future trajectory of Bitcoinsuggesting that the flagship crypto will soon become a new all-time record (ATH). This comes despite Bitcoin’s recent drop below $68,000.
Bitcoin could experience a massive pump above $73,000
Dippy pictured in an X (formerly Twitter) after that Bitcoin could enjoy a price pump once it reaches the liquidity zone approximately $73,000. He noted that many short traders have their stop-loss or liquidation levels around that price level, which could be the catalyst for this price pump since liquidations of short positions can easily flush the bears away.
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The crypto analyst also outlined another scenario that could play out, creating a bearish outlook for Bitcoin. He claimed that Bitcoin’s rise into this liquidity zone could be a fakeout to drain liquidity and then move back down. However, it seems more likely that Bitcoin will experience this pump once it reaches $73,000 crypto analyst James Check labeled as the Price point of $73,000 such as where Bitcoin could enter a breakout velocity phase.
Crypto analyst Adrian Zduńczyk also suggested that Bitcoin would likely turn that $73,000 zone into support if it rose to that level. He noted that Bitcoin continues to consolidate within its current ATH area for 14 weeks now, which is important considering that this was an area where it had previously shown weakness. Zduńczyk claims this is “trend-promoting behavior” as resistance becomes the new support and Bitcoin will continue to rise.
In the meantime, crypto analyst Mikybull Crypto suggested that Bitcoin’s long-term consolidation in this range could be good, to report that the “longer the consolidation lasts, the higher it moves when it breaks out.” He also noted that Bitcoin’s bullish divergence also indicates “strong strength” for the flagship crypto. Mikybull Crypto expects Bitcoin to rise to $85,000 and then $110,000 when this long-awaited breakout occurs.
Crypto analyst Rekt Capital also noted that it is only a matter of time before the outbreak occurs. He had previously stated that a successful breakout for Bitcoin above the $70,000 range would put the country into the ‘parabolic uptrend’ phase of this period. market cycle.
Why BTC fell below $68,000
Bitcoin fell below $68,000 following the significant outflow from the US Discover Bitcoin ETFs recorded on June 10. Facts from Farside Investors shows that these funds saw outflows of $64.9 million in total, the first time these Spot Bitcoin ETFs have recorded daily outflows since May 23.
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Investors are believed to be waiting on the sidelines US Consumer Price Index (CPI) inflation data and the US Federal Reserve interest rate decision on June 12. Much volatility is expected in the crypto market leading up to these events, which could determine the future trajectory of crypto assets.
Featured image created with Dall.E, chart from Tradingview.com