Bitcoin Disappoints With Fall To $67,000, But Analyst Says Investors Should Not Be Fazed. Here’s Why

Bitcoin

has
dropped
from
its
weekly
high
of
$71,980,
recorded
on
May
21,
to
as


low
as
$67,000,
raising
concerns
amongst
crypto
investors.
However,
crypto
analyst
Jelle
has
suggested
that
there
is
no
need
to
be
worried
about
the


flagship
crypto’s
price
action. 

Why
Investors
Shouldn’t
Be
Worried
About
The
Bitcoin
Price

Jelle
noted
in
an
X
(formerly
Twitter)
post
that
Bitcoin
is
still
following
a
“similar
path”
to
the


2017
bull
run.
He
claimed
that
once
the
crypto
token
breaks
again
above
the


2021
all-time
high
($69,000),
it
will
make
a
parabolic
move
to
the
upside.
Jelle
predicts
that


Bitcoin
could
reach
$100,000

when
that
happens.  

Related
Reading

In
an
earlier


X
post,
Jelle
provided
insights
into
why
Bitcoin
could
easily
make
such
a
move.
He
revealed
that
all
key
resistance
levels
have
been
broken.
He
also
noted
that
a
weekly


hidden
bullish
divergence

had
formed
on
Bitcoin’s
chart,
just
on
top
of
the
previous
cycle
highs. 

Meanwhile,
crypto
trader
and
analyst
Mags
also
echoed
Jelle’s
bullish
sentiment.
In
an


X
post,
he
mentioned
that
this
recent
price
correction
was
the
“fakeout
before
the
next
leg
up.”
Mags
noted
how
Bitcoin
has
maintained
a
similar
pattern
since
its
price


bottomed
at
$15,000,
with
the
flagship
crypto
consolidating
inside
a
range
for
“a
few
weeks
or
months.”

Mags
claims
that
Bitcoin
then
breaks
below
the
range
where
it
traps
all
bears
before
making
a
“quick
reclaim
and
another
leg
up.”
The
analyst
added
that
there
is
going
to
be
a
“massive
leg
up
soon”
if
Bitcoin
manages
to
repeat
this
pattern. 

Crypto
analyst
BitQuant
also
assured
there
was
no
need
to
panic
about
Bitcoin’s
recent
dip.
In
an


X
post,
he
claimed
that
the
price
dip
was
a
“good
confirmation”
that
Bitcoin
is
preparing
for
a
“big
leg
up.”
The
crypto
analyst
predicts
that
the
flagship
crypto
will
rise
to


as
high
as
$95,000

when
this
parabolic
move
happens. 

BTC’s
Outlook
Is
Bullish
Either
Way

Crypto
analyst
Rekt
Capital

suggested
that
Bitcoin’s
outlook
is
bullish
regardless
of
what
happens.
He


outlined

two
possible
moves
the
flagship
crypto
could
make
from
here.
First,
he
stated
that
a


weekly
candle
close
above
$71,500

would
likely
kickstart
the
breakout
from
the
Re-Accumulation
Range.

Related
Reading

On
the
other
hand,
he
noted
that
history
suggests
that
Bitcoin
will
consolidate
inside
this


Re-Accumulation
Range

for
some
weeks
more.
Based
on
his
analysis,
Bitcoin
is
still
bound
to
make
significant
moves
to
the
upside,
and
all
that
matters
is
the
timing.
The
analyst
noted
that
a
breakout
now
could
mean
Bitcoin
would
have
an
accelerated
cycle. 

However,
if
Bitcoin
continues
to
consolidate
for
some
more
weeks,
that
will
help
it
resynchronize
with
past
halving
cycles,
resulting
in
a
longer


bull
run. 

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