CryptoCon cryptocurrency analyst revealed a key level to pay attention to as Bitcoin tries to break through critical resistance levels. The analyst suggested a decline to this Price level it may not be bad for Bitcoin, and instead it may be necessary for it to eventually cause prices to rise.
$57,938 is a price level to watch out for
CryptoCon mentioned in X (formerly Twitter) post that $57,938 is “the new price to watch for the 20-week EMA (Exponential Moving Average).” He noted that such a price decline may be necessary, stating that “boredom and sideways price action provide room for growth.” His analysis shows that any potential price will fall Experiences with Bitcoin is a robust correction and should not be considered a bear reversal.
Meanwhile, Bitcoin is showing impressive strength on the charts, with CryptoCon stating that the flagship cryptocurrency “continues to maintain its leadership position” 20-week EMA as support while visiting the near-absolute bottom of the Cycle 4 DMI support zone.” CryptoCon’s positive outlook for Bitcoin gives confidence that a parabolic move is still on the horizon.
Rekt Capital cryptocurrency analyst also recently shared a positive outlook for Bitcoin. He revealed that Bitcoin was outside the “danger zone,” suggesting that the flagship cryptocurrency was primed for a move higher. The analyst also noted that Bitcoin was running out of remarkable months before entering a parabolic phase.
Mikybull Crypto cryptocurrency analyst suggested that Bitcoin was already showing signs of an upcoming parabolic phase. In Post Xhe mentioned that Bitcoin was displaying a cup and handle reversal pattern on the weekly chart and that “the breakout will be violent and lead to a cycle top.”
Agreeing with Mikybull Crypto’s analysis, Crypto BitQuant analyst mentioned that $95,000 would be “achieved in one stroke and that’s pretty obvious.” However, he noted that it is uncertain when this move will happen and urged patience as everyone waits for Bitcoin “to perform as expected.”
BitQuant further advised that a better solution would be to leave the market to those who cannot “avoid torture”, claiming that “the faint of heart will feel a lot of pain” in the coming months. Based on Arthur Hayes’ predictionsinvestors may have to wait until August for this massive move from the flagship cryptocurrency.
Bitcoin is still far from the market peak
In recent Post XRekt Capital suggested that Bitcoin is still a long way off market peak. He highlighted past cycles that show the peak of a bull market usually falls between days 518 and 546 after halving. Based on this, the analyst predicts that the flagship cryptocurrency will likely peak in September or October 2025.
The cryptocurrency analyst also admitted that Bitcoin was speeds up in this cycle by over 200 days. However, he noted that Bitcoin may re-sync past halving cycles if consolidation takes longer.
Featured image from CoinDesk, chart from Tradingview.com
