Crypto analyst Pierre has provided insight into why $69,000 is a value significant price level for Bitcoin. He suggested that the flagship crypto could make a hit new all-time record (ATH) if it successfully stays above that range.
A breakout above $69,000 could lead to a Bitcoin recovery
Pierre mentioned in an X (formerly Twitter) after that Bitcoin needs to break above $69,000 as this could allow the crypto token to retest a range around $69,000 ATH region of $73,000. This could also open up the possibility of the flagship hitting a new ATH if it experiences a breakout during the retest of the current ATH region.
Meanwhile, Pierre outlined what needs to happen for Bitcoin to avoid a significant decline. He noted that the flagship crypto should avoid losing range between $67,500 and $68,200 as support. He claimed that a drop below this range could cause Bitcoin to retest 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 referred to the $70,000 price point. He claimed that BTC is likely to see a new ATH once it makes a successful break above $70,000. In a recent one X messageHe claimed that Bitcoin needs to hold above $66,000 and $67,000 to avoid “further downward momentum towards $60,000.”
Crypto analyst Rekt Capital also suggested that Bitcoin simply needs to break above $70,000 to reach the ‘parabolic uptrend‘ phase. However, it may still take a while for Bitcoin to make that successful break above $70,000. Arthur Hayes, the co-founder and former CEO of BitMEX, predicted that BTC will continue to fluctuate between $60,000 and $70,000 until August.
Van de Poppe suggested that it might not take that long for Bitcoin to rise above $70,000. He predicted Listing the Spot Ethereum ETFs could trigger a major move for Bitcoin and altcoins. Bloomberg analyst Eric Balchunas recently predicted that these funds could go live in June or by July 4 at the latest.
A weekly close above $69,000 could change history
In a recent one X messageclaimed Rekt Capital that a weekly close above Range of $69,000 “would change the course of history.” However, he suggested that this was unlikely to happen, stating that Bitcoin “doesn’t favor a breakout that early after the halving.” The crypto analyst did mentioned before that “history suggests that this historic outbreak is still several weeks away.”
However, he added that it has become clear that Bitcoin “is only close to above the range high of entering the market once a week parabolic phase of the cycle.” Until now Rekt Capital revealed that Bitcoin reaching a new ATH before the halving had established an accelerated cycle, but the flagship crypto could consolidate for longer to re-sync with previous halving cycles.
Featured image created with Dall.E, chart from Tradingview.com