{"id":609651,"date":"2024-05-24T14:00:00","date_gmt":"2024-05-24T14:00:00","guid":{"rendered":"https:\/\/uniquehot.com\/?p=609651"},"modified":"2024-06-11T07:00:32","modified_gmt":"2024-06-11T07:00:32","slug":"bitcoin-disappoints-fall-to-67000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-disappoints-fall-to-67000\/","title":{"rendered":"Bitcoin Disappoints With Fall To $67,000, But Analyst Says Investors Should Not Be Fazed. Here\u2019s Why"},"content":{"rendered":"

Bitcoin<\/span> has dropped from its weekly high of $71,980, recorded on May 21, to as <\/span>low as $67,000<\/span><\/a>, raising concerns amongst crypto investors. However, crypto analyst Jelle has suggested that there is no need to be worried about the <\/span>flagship crypto\u2019s price action<\/span><\/a>.\u00a0<\/span><\/p>\n

Why Investors Shouldn\u2019t Be Worried About The Bitcoin Price<\/h2>\n

Jelle noted in an X (formerly Twitter) post that Bitcoin is still following a \u201csimilar path\u201d to the <\/span>2017 bull run<\/span><\/a>. He claimed that once the crypto token breaks again above the <\/span>2021 all-time high ($69,000)<\/span><\/a>, it will make a parabolic move to the upside. Jelle predicts that <\/span>Bitcoin could reach $100,000<\/span><\/a> when that happens.\u00a0\u00a0<\/span><\/p>\n

Related Reading: Pundit Predicts Shiba Inu Competitor Dogwifhat Will Reach $10 Amid Short liquidations<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

In an earlier <\/span>X post<\/span><\/a>, Jelle provided insights into why Bitcoin could easily make such a move. He revealed that all key resistance levels have been broken. He also noted that a weekly <\/span>hidden bullish divergence<\/span><\/a> had formed on Bitcoin\u2019s chart, just on top of the previous cycle highs.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Meanwhile, crypto trader and analyst Mags also echoed Jelle\u2019s bullish sentiment. In an <\/span>X post<\/span><\/a>, he mentioned that this recent price correction was the \u201cfakeout before the next leg up.\u201d Mags noted how Bitcoin has maintained a similar pattern since its price <\/span>bottomed at $15,000<\/span><\/a>, with the flagship crypto consolidating inside a range for \u201ca few weeks or months.\u201d<\/span><\/p>\n

Mags claims that Bitcoin then breaks below the range where it traps all bears before making a \u201cquick reclaim and another leg up.\u201d The analyst added that there is going to be a \u201cmassive leg up soon\u201d if Bitcoin manages to repeat this pattern.\u00a0<\/span><\/p>\n

\"BTC\"
Source: X<\/figcaption><\/figure>\n

Crypto analyst BitQuant also assured there was no need to panic about Bitcoin\u2019s recent dip. In an <\/span>X post<\/span><\/a>, he claimed that the price dip was a \u201cgood confirmation\u201d that Bitcoin is preparing for a \u201cbig leg up.\u201d The crypto analyst predicts that the flagship crypto will rise to <\/span>as high as $95,000<\/span><\/a> when this parabolic move happens.\u00a0<\/span><\/p>\n

BTC’s Outlook Is Bullish Either Way<\/h2>\n

Crypto analyst Rekt Capital<\/span><\/a> suggested that Bitcoin\u2019s outlook is bullish regardless of what happens. He <\/span>outlined<\/span><\/a> two possible moves the flagship crypto could make from here. First, he stated that a <\/span>weekly candle close above $71,500<\/span><\/a> would likely kickstart the breakout from the Re-Accumulation Range.<\/span><\/p>\n

Related Reading: Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto<\/a><\/div>\n

On the other hand, he noted that history suggests that Bitcoin will consolidate inside this <\/span>Re-Accumulation Range<\/span><\/a> for some weeks more. Based on his analysis, Bitcoin is still bound to make significant moves to the upside, and all that matters is the timing. The analyst noted that a breakout now could mean Bitcoin would have an accelerated cycle.\u00a0<\/span><\/p>\n

\"BTC\"
Source: X<\/figcaption><\/figure>\n

However, if Bitcoin continues to consolidate for some more weeks, that will help it resynchronize with past halving cycles, resulting in a longer <\/span>bull run<\/span><\/a>.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price sees sharp recovery | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has dropped from its weekly high of $71,980, recorded on May 21, to as low as $67,000, raising concerns amongst crypto investors. However, crypto analyst Jelle has suggested that there is no need to be worried about the flagship crypto\u2019s price action.\u00a0 Why Investors Shouldn\u2019t Be Worried About The Bitcoin Price Jelle noted in an X (formerly Twitter) post that Bitcoin is still following a \u201csimilar path\u201d to the 2017 bull run. He claimed that once the crypto token breaks again above the 2021 all-time high ($69,000), it will make a parabolic move to the upside. Jelle predicts that Bitcoin could reach $100,000 when that happens.\u00a0\u00a0 Related Reading: Pundit Predicts Shiba Inu Competitor Dogwifhat Will Reach $10 Amid Short liquidations In an earlier X post, Jelle provided insights into why Bitcoin could easily make such a move. He revealed that all key resistance levels have been broken. He also noted that a weekly hidden bullish divergence had formed on Bitcoin\u2019s chart, just on top of the previous cycle highs.\u00a0 Meanwhile, crypto trader and analyst Mags also echoed Jelle\u2019s bullish sentiment. In an X post, he mentioned that this recent price correction was the \u201cfakeout before the next leg up.\u201d Mags noted how Bitcoin has maintained a similar pattern since its price bottomed at $15,000, with the flagship crypto consolidating inside a range for \u201ca few weeks or months.\u201d Mags claims that Bitcoin then breaks below the range where it traps all bears before making a \u201cquick reclaim and another leg up.\u201d The analyst added that there is going to be a \u201cmassive leg up soon\u201d if Bitcoin manages to repeat this pattern.\u00a0 Crypto analyst BitQuant also assured there was no need to panic about Bitcoin\u2019s recent dip. In an X post, he claimed that the price dip was a \u201cgood confirmation\u201d that Bitcoin is preparing for a \u201cbig leg up.\u201d The crypto analyst predicts that the flagship crypto will rise to as high as $95,000 when this parabolic move happens.\u00a0 BTC’s Outlook Is Bullish Either Way Crypto analyst Rekt Capital suggested that Bitcoin\u2019s outlook is bullish regardless of what happens. He outlined two possible moves the flagship crypto could make from here. First, he stated that a weekly candle close above $71,500 would likely kickstart the breakout from the Re-Accumulation Range. Related Reading: Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto On the other hand, he noted that history suggests that Bitcoin will consolidate inside this Re-Accumulation Range for some weeks more. Based on his analysis, Bitcoin is still bound to make significant moves to the upside, and all that matters is the timing. The analyst noted that a breakout now could mean Bitcoin would have an accelerated cycle.\u00a0 However, if Bitcoin continues to consolidate for some more weeks, that will help it resynchronize with past halving cycles, resulting in a longer bull run.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":609686,"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":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-609651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Disappoints With Fall To $67,000, But Analyst Says Investors Should Not Be Fazed. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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