Cryptocurrency Analyst Daan Crypto highlighted the Bitcoin Rainbow chart, which provided insight into the cryptocurrency’s current price action. The analyst also suggested that Bitcoin needs to maintain over $60,000 reverse the upward trend.

Bitcoin must break above $60,000

WX (formerly Twitter) fastingDaan Crypto suggests Bitcoin needs to break above $60,000 to enjoy a bullish turnaround and possibly reach recent highs this year market cycleThe cryptocurrency analyst noted that Bitcoin is still trading in the gloomy green region on the accompanying Rainbow chart as the company struggles to stay in the $60,000 range.

Meanwhile, as Bitcoin struggles to break above $60,000, Daan Crypto raised the probability of the leading cryptocurrency falling below $51,000, the blue area on the Rainbow chart. The crypto analyst suggested that this would be excellent opportunity to buystating that the blue area has historically been a good area of ​​accumulation on higher time frames.

Bitcoin price has remained moderate since reaching recent all-time record (ATH) $73,000 in March of this year. This raised fears that the bull market might be over and that the cryptocurrency market is slowly entering a bear market. However, Daan Crypto assured that the best is yet to come for Bitcoin.

In another Posts Xcrypto analyst said he doesn’t think the last six months have been all that strange, despite Bitcoin’s price action. He noted that this cycle is unlike any other, as it has provided insights into the likely reason why the leading cryptocurrency’s price has remained stagnant since March. Bitcoin hits recent all-time high before halving event in April, which has never happened before.

In line with this, Daan Crypto stated that Bitcoin is technically still ahead of where it would have been in previous cycles. This suggests that the cryptocurrency has paused to consolidate and sync up with previous halving cycles. Crypto analyst Rekt Capital once it echoed similar sentiment, while warning that Bitcoin’s failure to consolidate would lead to an acceleration of the cycle.

More liquidity coming to BTC soon

Arthur Hayesco-founder of the BitMEX cryptocurrency exchange, It was recently found that he foresees more liquidity flowing into Bitcoin. As such, he predicts that Bitcoin “could” rise if things continue to unfold the way he expects. Hayes’ bullish forecast stems from his macroeconomic outlook.

He noticed that Janet YellenThe US Treasury Secretary issued a statement over the weekend saying the US economy is heading towards a supple landing, despite recent faint employment reports. Therefore, the cryptocurrency market is expected to rebound if Yellen and the US Federal Reserve act to quantitative easing (QE).

At the time of writing, Bitcoin is trading at around $54,800, up more than 1% in the past 24 hours, according to data data from CoinMarketCap.

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