Crypto analyst Dippy presented a bullish narrative for Bitcoin’s future trajectorysuggesting that the flagship cryptocurrency could hit the market soon recent all-time record (ATH). This happens despite Bitcoin’s recent drop below $68,000.
Bitcoin could experience a massive pump above $73,000
Dippy suggested on X (formerly Twitter) post that Bitcoin may enjoy a price pump once it reaches a level liquidity zone approximately $73,000. He noted that many tiny traders have their stop losses or liquidation levels around this price level, which could be a catalyst for this price pump because liquidation of tiny positions can easily scare off bears.
The cryptocurrency analyst also outlined another possible scenario that presents a bearish outlook for Bitcoin. He argued that Bitcoin’s surge into this liquidity zone could be a scam designed to take away liquidity and then fall again. However, given this, Bitcoin experiencing this pump after reaching $73,000 seems more likely cryptocurrency analyst James Check marked as Price level $73,000 where Bitcoin could enter an escape velocity phase.
Cryptocurrency analyst Adrian Zduńczyk he also suggested that Bitcoin would likely turn that $73,000 zone into support if it climbed to that level. He noted that Bitcoin has continued to consolidate in its current ATH area for 14 weeks now, which is significant considering this was an area where it had previously shown weakness. Zduńczyk claims that this is “trend-promoting behavior” as resistance becomes recent support and Bitcoin will continue to rise.
Meanwhile, Mikybull Crypto cryptocurrency analyst suggested that long-term Bitcoin consolidation in this range could be good, stating that “the longer the consolidation, the higher it moves when it breaks out.” He also noted that Bitcoin’s bullish divergence also indicates “strong strength” in the flagship cryptocurrency. Mikybull Crypto expects Bitcoin to surge to $85,000 and then $110,000 when the long-awaited breakout occurs.
Rekt Capital cryptocurrency analyst he also noted that a breakout is only a matter of time. He previously stated that a successful breakout of Bitcoin above the $70,000 range would put it into a “parabolic uptrend” phase. market cycle.
Why BTC dropped below $68,000
Bitcoin fell below $68,000 after significant outflows of funds to the USA Spot Bitcoin ETF recorded on June 10. Data from Farside Investors shows that these funds saw total outflows of $64.9 million, marking the first time since May 23 that these Spot Bitcoin ETFs saw daily outflows.
Investors are believed to be waiting on the sidelines for the future US Consumer Price Index (CPI) inflation data i US Federal Reserve interest rate decision of June 12. High volatility is expected in the cryptocurrency market ahead of these events, which could determine the future trajectory of crypto assets.
Featured image created with Dall.E, chart from Tradingview.com
