31 May 2024
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.