Crypto Analyst Reveals Why $69,000 Is Very Important In The Grand Scheme Of A Bitcoin Recovery

Crypto
analyst
Pierre
has
provided
insights
into
why
$69,000
is
a


significant
price
level

for
Bitcoin.
He
suggested
the
flagship
crypto
could
hit
a


new
all-time
high
(ATH)

if
it
successfully
holds
above
that
range. 

A
Breakout
Above
$69,000
Could
Lead
To
A
Bitcoin
Recovery

Pierre
mentioned
in
an
X
(formerly
Twitter)


post

that
Bitcoin
must
break
above
$69,000
as
it
would
allow
the
crypto
token
to
retest
a
range
around
the


ATH
region
of
$73,000.
This
could
also
open
up
the
possibility
of
the
flagship
hitting
a
new
ATH
if
it
enjoys
a
breakout
during
the
retest
of
the


current
ATH
region. 

Meanwhile,
Pierre
outlined
what
needs
to
happen
for
Bitcoin
to
avoid
declining
significantly.
He
noted
that
the
flagship
crypto
must
avoid
losing
the
range


between
$67,500
and
$68,200

as
support.
He
claimed
that
a
drop
below
this
range
could
lead
to
Bitcoin
retesting
the
range
between
$65,000
and
$66,500. 

Crypto
analyst
Michael
van
de
Poppe

also
shared
a
sentiment
similar
to
Pierre’s,
although
he
specifically
made
reference
to
the
$70,000
price
level.
He
claimed
that
BTC
will
likely
see
a
new
ATH
once
it
achieves
a
successful
breakout
above
$70,000.
In
a
recent


X
post,
he
claimed
that
Bitcoin
must
hold
above
$66,000
and
$67,000
to
avoid
“further
downward
momentum
to
$60,000.”

Crypto
analyst
Rekt
Capital

also
suggested
that
Bitcoin
simply
needs
to
break
above
$70,000
to
enter
the
‘parabolic
uptrend’
phase.
However,
it
could
take
a
while
before
Bitcoin
achieves
that
successful
breakout
above
$70,000.
Arthur
Hayes,
the
co-founder
and
former
CEO
of
BitMEX,


predicted

that
BTC
will
continue
to
range
between
$60,000
and
$70,000
until
August.

Van
de
Poppe
suggested
that
it
might
not
take
that
long
for
Bitcoin
to
break
above
$70,000.
He


predicted

listing
the
Spot
Ethereum
ETFs
could
trigger
a
significant
move
for
Bitcoin
and
altcoins.


Bloomberg
analyst
Eric
Balchunas

recently


predicted

that
these
funds
could
go
live
in
June
or
by
July
4th
at
the
latest. 

A
Weekly
Close
Above
$69,000
Could
Alter
History 

In
a
recent


X
post,
Rekt
Capital
claimed
that
a
weekly
close
above
the


$69,000
range

“would
alter
the
course
of
history.”
However,
he
suggested
it
was
unlikely
to
happen,
stating
that
Bitcoin
doesn’t
“favor
a
breakout
this
early


post-halving.”
The
crypto
analyst
had


previously
mentioned

that
“history
suggests
that
this
historic
breakout
is
still
several
weeks
away.”

However,
he
added
that
it
has
become
clear
that
Bitcoin
is
“only
one
weekly
close
above
the
range
high
away
from
entering
the


parabolic
phase

of
the
cycle.”
Before
now,
Rekt
Capital


revealed

that
Bitcoin
hitting
a
new
ATH
before
the
halving
had
brought
about
an
accelerated
cycle
but
that
the
flagship
crypto
could
consolidate
for
longer
to
resynchronize
with
previous
halving
cycles. 

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image
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