Bitcoin has fallen from the weekly high of $71,980 recorded on May 21 to as low as $67,000, which is raising concerns among crypto investors. However, crypto analyst Jelle has suggested that you don’t have to worry about that flagship cryptos price action.
Why Investors Shouldn’t Worry About the Bitcoin Price
Jelle noted in an X (formerly Twitter) post that Bitcoin is still following a “similar path” to the Bull run 2017. He claimed that once the crypto token returns above the Highest record ever in 2021 ($69,000), it will make a parabolic movement upwards. Jelle predicts that Bitcoin could reach $100,000 when that happens.
Related reading
In an earlier X message, Jelle provided insight into why Bitcoin could easily make such a move. He revealed that all major resistance levels have been broken. He also noted that a weekly hidden bullish divergence had formed on the Bitcoin chart, just on top of the previous cycle highs.
Meanwhile, crypto trader and analyst Mags also echoed Jelle’s bullish sentiment. In a X message, he said this recent price correction was the “fake-out before the next move up.” Mags noted how Bitcoin has maintained a similar pattern since its price rise low at $15,000with the flagship crypto consolidating within a range for “a few weeks or months.”
Mags claims that Bitcoin then breaks below the range where it traps all the bears before making a “quick recovery and another lead.” The analyst added that there will soon be a “huge lead” if Bitcoin manages to repeat this pattern.
Crypto analyst BitQuant also assured that there was no need to panic over Bitcoin’s recent dip. In a X message, he claimed that the price drop was a “good confirmation” that Bitcoin is preparing for a “big lead.” The crypto analyst predicts that the flagship crypto will rise as high as $95,000 when this parabolic movement occurs.
Either way, BTC’s prospects are bullish
Crypto analyst Rekt Capital suggested that Bitcoin’s prospects are bullish no matter what happens. He outlined two possible moves the flagship crypto could make from here. Firstly, he stated that a weekly candle closes above $71,500 would likely trigger the breakout from the Re-Accumulation Range.
Related reading
On the other hand, he noted that history suggests Bitcoin will consolidate in this regard Reaccumulation range a few more weeks. Based on his analysis, Bitcoin will still make significant moves upward, 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 several more weeks, it will help it resynchronize with previous halving cycles, resulting in a longer period. running of the bulls.
Featured image created with Dall.E, chart from Tradingview.com