{"id":576167,"date":"2024-02-21T18:00:17","date_gmt":"2024-02-21T18:00:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=576167"},"modified":"2024-06-11T08:08:28","modified_gmt":"2024-06-11T08:08:28","slug":"bitcoin-bulls-in-jeopardy-analyst-sounds-warning-of-possible-retest","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bulls-in-jeopardy-analyst-sounds-warning-of-possible-retest\/","title":{"rendered":"Bitcoin Bulls In Jeopardy? Analyst Sounds Warning Of Possible Retest"},"content":{"rendered":"

Bitcoin has been on a bullish trend, reaching <\/span>$50,000<\/span><\/a> for the first time in two years, but some crypto analysts still anticipate that the token might be gearing up for a potential correction.<\/span><\/p>\n

Bitcoin Could See A Pullback At Any Moment<\/span><\/h2>\n

According to the recent analysis by cryptocurrency expert Crypto Jelle, Bitcoin could undergo a retest anytime soon. Jelle <\/span>shared<\/span><\/a> his latest projections with his thousands of followers on the social media platform X (formerly Twitter).<\/span><\/p>\n

Related Reading: The Bitcoin \u201cBig Money Algos\u201d Are Here: Will BTC Breach $70,000?<\/a><\/div>\n

A chart of Bitcoin accompanied his X post to demonstrate his observations and further back up his claims visually. Crypto Jelle’s analysis examines the current and past position of Bitcoin and has identified the presence of a “rising channel.”\u00a0<\/span><\/p>\n

He stated that Bitcoin has been in this rising channel “over the past 6 years.” He further pointed out that the crypto asset is not breaking out of the “channel anytime soon.”<\/span><\/p>\n

\"Bitcoin\"
BTC in a 6-year-long rising channel | Source: Crypto Jelle on X<\/a><\/figcaption><\/figure>\n

Due to this, Crypto Jelle believes that the price of <\/span>BTC<\/span><\/a> might witness a “retest of the mid-range.” Thus, he has urged investors to get involved with the token to increase prices and avoid the impending pullback.<\/span><\/p>\n

The post read:<\/span><\/p>\n

Bitcoin has spent the past 6 years inside this rising channel. Doesn’t look like that’s going to change anytime soon. In fact, it seems about time for a retest of the mid-range. Send it higher.<\/span><\/p><\/blockquote>\n

Jelle has also underscored the potential for the digital asset to soar higher to a new all-time high. In another X <\/span>post<\/span><\/a>, he highlighted that today is “one of those days to recall the part of the cycle we are in.”<\/span><\/p>\n

Jelle has underlined two distinct timeframes for Bitcoin, which include the lower timeframe and the higher timeframe. He asserted that in the lower timeframe, BTC’s performance looks like “dog poop.”<\/span><\/p>\n

Meanwhile, in the higher timeframe, BTC’s performance looks promising, suggesting a move to a new price level. Jelle appears bullish on <\/span>Bitcoin<\/span><\/a> as he has encouraged the community not to be “shaken out” of the market.<\/span><\/p>\n

Massive Sell-Off By BTC Whales<\/span><\/h2>\n

Despite the upward momentum, reports have revealed a significant selling spree from BTC whales. Ali Martinez, a well-known crypto analyst, reported<\/a> Tuesday’s development<\/span>\u00a0on the X platform.<\/span><\/p>\n

Related Reading: Bitcoin Whales Steer Clear Of Significant Short Positions, Show Confidence In Price Surge<\/a><\/div>\n

Per Martinez’s post, <\/span>Bitcoin whales<\/span><\/a> might lose their confidence in the token. Martinez asserted that whales have sold over 30,000 BTC valued at $1.56 billion in the past 2 days.<\/span><\/p>\n

The report has sent quite a frenzy in the community, leaving crypto enthusiasts to ponder the impact of the sell-off. However, it is believed that this could be a notable development, indicating the start of a distribution phase, which could extend the low timeframe bearish action.\u00a0<\/span><\/p>\n

\"Bitcoin\"
BTC trading at $51,358 on the 1D chart | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has been on a bullish trend, reaching $50,000 for the first time in two years, but some crypto analysts still anticipate that the token might be gearing up for a potential correction. Bitcoin Could See A Pullback At Any Moment According to the recent analysis by cryptocurrency expert Crypto Jelle, Bitcoin could undergo a retest anytime soon. Jelle shared his latest projections with his thousands of followers on the social media platform X (formerly Twitter). Related Reading: The Bitcoin \u201cBig Money Algos\u201d Are Here: Will BTC Breach $70,000? A chart of Bitcoin accompanied his X post to demonstrate his observations and further back up his claims visually. Crypto Jelle’s analysis examines the current and past position of Bitcoin and has identified the presence of a “rising channel.”\u00a0 He stated that Bitcoin has been in this rising channel “over the past 6 years.” He further pointed out that the crypto asset is not breaking out of the “channel anytime soon.” Due to this, Crypto Jelle believes that the price of BTC might witness a “retest of the mid-range.” Thus, he has urged investors to get involved with the token to increase prices and avoid the impending pullback. The post read: Bitcoin has spent the past 6 years inside this rising channel. Doesn’t look like that’s going to change anytime soon. In fact, it seems about time for a retest of the mid-range. Send it higher. Jelle has also underscored the potential for the digital asset to soar higher to a new all-time high. In another X post, he highlighted that today is “one of those days to recall the part of the cycle we are in.” Jelle has underlined two distinct timeframes for Bitcoin, which include the lower timeframe and the higher timeframe. He asserted that in the lower timeframe, BTC’s performance looks like “dog poop.” Meanwhile, in the higher timeframe, BTC’s performance looks promising, suggesting a move to a new price level. Jelle appears bullish on Bitcoin as he has encouraged the community not to be “shaken out” of the market. Massive Sell-Off By BTC Whales Despite the upward momentum, reports have revealed a significant selling spree from BTC whales. Ali Martinez, a well-known crypto analyst, reported Tuesday’s development\u00a0on the X platform. Related Reading: Bitcoin Whales Steer Clear Of Significant Short Positions, Show Confidence In Price Surge Per Martinez’s post, Bitcoin whales might lose their confidence in the token. Martinez asserted that whales have sold over 30,000 BTC valued at $1.56 billion in the past 2 days. The report has sent quite a frenzy in the community, leaving crypto enthusiasts to ponder the impact of the sell-off. However, it is believed that this could be a notable development, indicating the start of a distribution phase, which could extend the low timeframe bearish action.\u00a0 Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":576170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87818,428,19064,1119,1144,78790,91678],"class_list":["post-576167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ali-martinez","tag-bitcoin","tag-bitcoin-whales","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto-jelle"],"acf":[],"yoast_head":"\nBitcoin Bulls In Jeopardy? 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Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. 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