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Home»EXCHANGE NEWS»Crypto analyst reveals why $69,000 is so important in the grand scheme of Bitcoin recovery.
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Crypto analyst reveals why $69,000 is so important in the grand scheme of Bitcoin recovery.

By Crypto FlexsMay 31, 20243 Mins Read
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Crypto analyst reveals why ,000 is so important in the grand scheme of Bitcoin recovery.
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Crypto analyst Pierre provided insight into why $69,000 is worth it. reasonable price level For Bitcoin. He suggested that the flagship cryptocurrency could take a hit. New All-Time High (ATH) If successfully maintained above that range.

A Break Above $69,000 Could Lead to a Bitcoin Recovery

Pierre mentioned on X (formerly Twitter) post That’s because Bitcoin needs to break above $69,000 for the cryptocurrency token to retest that range. ATH Region $73,000. This could also open up the possibility of reaching a new ATH if the flagship enjoys a breakthrough during the retest. Current ATH region.

Source: X

Meanwhile, Pierre explained what needs to happen to prevent Bitcoin from falling significantly. He noted that the flagship cryptocurrency should not lose scope. Between $67,500 and $68,200 With support. He argued that a drop below this range could cause Bitcoin to retest the range between $65,000 and $66,500.

Cryptocurrency analyst Michael van de Poppe He also shared similar sentiments with Pierre, although he specifically mentioned a price level of $70,000. He claimed that if BTC achieves a successful breakout above $70,000, we will see a new ATH. In recent years X postHe argued that Bitcoin needs to stay above $66,000 and $67,000 to avoid “further downside momentum towards $60,000.”

Cryptocurrency analyst Rekt Capital He also suggested that Bitcoin would need to break above $70,000 to enter the ‘market’.parabolic upward trend‘ step. However, it may take time for Bitcoin to achieve a successful break above $70,000. Arthur Hayes, co-founder and former CEO of BitMEX predicted BTC will remain in a range between $60,000 and $70,000 until August.

Van de Poppe suggested that it wouldn’t take long for Bitcoin to hit $70,000. that predicted The listing of a spot Ethereum ETF could bring major changes to Bitcoin and altcoins. Bloomberg analyst Eric Balchunas Recently predicted These funds can be activated by June or at the latest by July 4th.

Weekly close above $69,000 could change history

In recent years X postRekt Capital has a weekly close $69,000 range “It will change the course of history.” However, he said Bitcoin was “not in favor of this early breakout” and that it was unlikely that would happen. After half life.” Cryptocurrency analyst previously mentioned “History suggests that this historic breakthrough is still weeks away.”

Bitcoin 2
Source: X

However, he added, it has become clear that Bitcoin “will only close once a week above the highest range it can enter.” parabolic phase of the cycle.” Formerly Rekt Capital exposed With Bitcoin reaching a new ATH before the halving, the cycle has accelerated, but the flagship cryptocurrency may consolidate for longer to resynchronize with the previous halving cycle.

Bitcoin price chart on Tradingview.com
BTC falls as bears gain control | Source: Tradingview.com BTCUSD

Featured image created with Dall.E, chart from Tradingview.com

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