Bitcoin dropped from a weekly high of $71,980 recorded on May 21 to as low as just $67,000, raising concerns among cryptocurrency investors. However, cryptocurrency analyst Jelle suggested that there is no reason to worry price action of the flagship cryptocurrency.
Why investors shouldn’t worry about Bitcoin’s price
Jelle noted in a post on X (formerly Twitter) that Bitcoin continues to follow a “similar path” to Running of the Bulls in 2017. He claimed that when the crypto token breaks again above All-time high in 2021 ($69,000), this will result in a parabolic upward movement. Jelle anticipates this Bitcoin could reach $100,000 when this happens.
In the earlier one Post X, Jelle provided insight into why Bitcoin could easily make such a move. He revealed that all key resistance levels have been broken. He also noted that every week hidden bullish divergence formed on the Bitcoin chart, just above the peaks of the previous cycle.
Meanwhile, trader and cryptocurrency analyst Mags also echoed Jelle’s bullish sentiment. In Post Xhe mentioned that the recent price correction was a “scam before the next increase.” Mags noted that Bitcoin has maintained a similar pattern since its price bottomed out at $15,000with the flagship cryptocurrency consolidating in a range for “several weeks or months.”
Mags says Bitcoin will then break below the bear-catching range before making a “quick recovery and another leg up.” The analyst added that if Bitcoin manages to repeat this pattern, it will soon see a “huge rally.”
Cryptocurrency analyst BitQuant also assured that there is no reason to panic regarding Bitcoin’s recent decline. In Post Xclaimed that the price drop was “good confirmation” that Bitcoin is preparing for a “big rally.” Cryptocurrency analyst predicts flagship cryptocurrency will hit a plateau as much as $95,000 when will this parabolic movement occur.
BTC’s prospects are hopeful in both cases
Rekt Capital cryptocurrency analyst suggested that Bitcoin’s prospects are bullish no matter what happens. He scratched two possible moves the flagship cryptocurrency could make. First, he stated that A weekly candle closes above $71,500 would likely initiate a breakout from the reaccumulation range.
On the other hand, he noted that history suggests that Bitcoin will continue to gain strength in this regard Scope of re-accumulation for a few more weeks. His analysis shows that Bitcoin will still need to make significant upward moves, and time is all that matters. The analyst noted that a breakout now could mean Bitcoin will have an accelerated cycle.
However, if Bitcoin continues to consolidate over the next few weeks, this will assist it re-sync with previous halving cycles, resulting in a longer period running of the bull.
Featured image created with Dall.E, chart from Tradingview.com
