Cryptocurrency analyst Pierre provided insight into why $69,000 is the amount significant price level for Bitcoin. He suggested that the flagship cryptocurrency could take a hit up-to-date all-time record (ATH) if it successfully stays above this range.
A break above $69,000 could lead to a Bitcoin recovery
Pierre mentioned in X (formerly Twitter) post that Bitcoin needs to break above $69,000 as this would allow the crypto token to retest the range around $73,000 ATH region. This could also open up the possibility of the flagship hitting a up-to-date ATH if a breakout occurs during the index retest current ATH region.
Meanwhile, Pierre outlined what needs to happen for Bitcoin to avoid a significant decline. He stressed that the flagship cryptocurrency must avoid losing its reach $67,500 to $68,200 as support. He argued that a drop below this range could lead to Bitcoin retesting the $65,000 to $66,500 range.
Crypto analyst Michael van de Poppe also shared a similar sentiment to Pierre, although he clearly referred to the $70,000 price level. He claimed that BTC will likely see a up-to-date ATH once it achieves a successful breakout above $70,000. In recent Post Xclaimed that Bitcoin needs to hold above $66,000 and $67,000 to avoid a “further downtrend to $60,000.”
Rekt Capital cryptocurrency analyst also suggested that Bitcoin simply needs to break above $70,000 to enter the market”parabolic growth trendphase. However, it may take some time for Bitcoin to successfully break above $70,000. Arthur Hayes, co-founder and former CEO of BitMEX, predicted that BTC will continue to hover in the $60,000 to $70,000 range through August.
Van de Poppe suggested that it might not take that long for Bitcoin to break above $70,000. He predicted Ethereum Spot ETF listing may trigger a significant move for Bitcoin and altcoins. Bloomberg analyst Eric Balchunas Lately predicted that these funds could be released in June or 4 July at the latest.
A weekly close above $69,000 could change history
In recent Post XRekt Capital stated that the weekly close was above Range $69,000 “would change the course of history.” However, he suggested that this is unlikely, stating that Bitcoin is “not conducive to such an early breakout.” after halving” The cryptocurrency analyst had previously mentioned that “history suggests that this historic breakthrough is still several weeks away.”
However, he added that it has become clear that Bitcoin is “only once a week close to above the upper range since entering the market parabolic phase cycle.” Formerly Rekt Capital revealed that Bitcoin hit a up-to-date ATH before the halving, which resulted in an accelerated cycle, but the flagship cryptocurrency was able to consolidate for longer to re-sync with previous halving cycles.
Featured image created with Dall.E, chart from Tradingview.com
