Categories: Bitcoin Latest News

Crypto Analyst Reveals Why $69,000 Is Very Important In The Grand Scheme Of A Bitcoin Recovery

Crypto analyst Pierre has provided insights into why $69,000 is a significant price level for Bitcoin. He suggested the flagship crypto could hit a new all-time high (ATH) if it successfully holds above that range. 

A Breakout Above $69,000 Could Lead To A Bitcoin Recovery

Pierre mentioned in an X (formerly Twitter) post that Bitcoin must break above $69,000 as it would allow the crypto token to retest a range around the ATH region of $73,000. This could also open up the possibility of the flagship hitting a new ATH if it enjoys a breakout during the retest of the current ATH region

Meanwhile, Pierre outlined what needs to happen for Bitcoin to avoid declining significantly. He noted that the flagship crypto must avoid losing the range between $67,500 and $68,200 as support. He claimed that a drop below this range could lead to Bitcoin retesting 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 made reference to the $70,000 price level. He claimed that BTC will likely see a new ATH once it achieves a successful breakout above $70,000. In a recent X post, he claimed that Bitcoin must hold above $66,000 and $67,000 to avoid “further downward momentum to $60,000.”

Crypto analyst Rekt Capital also suggested that Bitcoin simply needs to break above $70,000 to enter the ‘parabolic uptrend’ phase. However, it could take a while before Bitcoin achieves that successful breakout above $70,000. Arthur Hayes, the co-founder and former CEO of BitMEX, predicted that BTC will continue to range between $60,000 and $70,000 until August.

Van de Poppe suggested that it might not take that long for Bitcoin to break above $70,000. He predicted listing the Spot Ethereum ETFs could trigger a significant move for Bitcoin and altcoins. Bloomberg analyst Eric Balchunas recently predicted that these funds could go live in June or by July 4th at the latest. 

A Weekly Close Above $69,000 Could Alter History

In a recent X post, Rekt Capital claimed that a weekly close above the $69,000 range “would alter the course of history.” However, he suggested it was unlikely to happen, stating that Bitcoin doesn’t “favor a breakout this early post-halving.” The crypto analyst had previously mentioned that “history suggests that this historic breakout is still several weeks away.”

However, he added that it has become clear that Bitcoin is “only one weekly close above the range high away from entering the parabolic phase of the cycle.” Before now, Rekt Capital revealed that Bitcoin hitting a new ATH before the halving had brought about an accelerated cycle but that the flagship crypto could consolidate for longer to resynchronize with previous halving cycles. 

[#item_full_content]NewsBTCRead More

Recent Posts

Analyst Sounds Bearish Alarm For Bitcoin As $100,000 Presents Psychological Resistance

Despite heightened expectations for the Bitcoin price to hit the $100,000 milestone, a crypto analyst…

5 hours ago

Bitcoin Funding Rates Surge 20% On Major Exchanges — What’s Happening?

The price of Bitcoin picked up this week from where it left off in the…

12 hours ago

This Analyst Correctly Predicted The Bitcoin Price Jump To $99,000, But His Prediction Is Not Done

A crypto analyst who accurately forecasted the Bitcoin price increase to the $99,000 All-Time High…

15 hours ago

54% Of Bitcoin Supply Inactive Since 2 Years Despite 500% Price Jump

On-chain data shows a majority of the Bitcoin supply hasn’t moved in more than two…

16 hours ago

Cboe’s New Cash-Settled Bitcoin ETF Options: Could This Spark A Move Beyond $100,000?

Cboe, the derivatives exchange for digital assets and securities trading, is set to make a…

20 hours ago

Bitcoin’s MVRV Metric Signals Market Heating Up—Here’s What Investors Should Know

The ongoing Bitcoin bull market has sparked renewed interest in on-chain metrics to fully understand…

1 day ago