Bitcoin The weekly average has fallen from its high of $71,980 on May 21 to just as low as $67,000Crypto investors are becoming increasingly concerned. Jelle the crypto analyst has stated that investors do not need to worry. flagship crypto’s price action.
Bitcoin price shouldn’t worry investors
Jelle stated in an X post (formerly Twitter), that Bitcoin still follows a “similar path” You can also find out more about the 2017 bull run. He stated that the moment the crypto-token breaks above the 2021 all-time high ($69,000)It will move in a parabolic upward direction. Jelle believes that Bitcoin could reach $100,000 When that occurs.
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In an earlier X postJelle shared his insights on why Bitcoin can easily move in this direction. He said that key resistance levels had been breached. He noted that the weekly hidden bullish divergence Bitcoin’s chart shows a small triangle just below the cycle high.
![Bitcoin 2](https://fxruhanahmed.com/2/wp-content/uploads/2024/05/1716560974_652_Bitcoin-Disappoints-With-Fall-To-67000-But-Analyst-Says-Investors.png)
Mags is another crypto trader/analyst who echoed Jelle’s optimism. The following is an overview of the situation. X postHe mentioned that this recent rate correction was the “fakeout before the next leg up.” Mags pointed out that Bitcoin’s price has remained in a similar range since it peaked. bottomed at $15,000The flagship cryptocurrency is consolidating within a range of “a few weeks or months.”
Mags claims Bitcoin will then break below the range that traps all bulls and make a “quick reclaim and another leg up.” He added that there will be a “massive leg up soon” If Bitcoin is able to replicate this pattern.
![BTC](https://fxruhanahmed.com/2/wp-content/uploads/2024/05/1716560974_919_Bitcoin-Disappoints-With-Fall-To-67000-But-Analyst-Says-Investors.png)
BitQuant, a crypto analyst, also said that Bitcoin’s recent drop was not cause for panic. The recent dip in Bitcoin’s price has not caused panic among crypto analysts BitQuant. X postHe said that a price drop was the result of a “good confirmation” Bitcoins are preparing to take off “big leg up.” Crypto analysts predict that flagship cryptocurrency will increase to as high as $95,000 When this parabola move occurs.
BTC’s Outlook Is Bullish in Either Case
Crypto analyst Rekt Capital Bitcoin is expected to continue its bullish trend, no matter what. He said that bitcoin’s future is positive, no matter what. outlined Two possible actions the crypto’s flagship could take from this point. The first thing he said was that A weekly candle close above $71,500 The Re-Accumulation range would be the most likely to kick-start the break-out.
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As a result, the historian noted that Bitcoin is likely to consolidate within the next few years. Re-Accumulation Range for some weeks more. According to his analysis, Bitcoin will still make significant gains to the upwards, but the only thing that counts is timing. Analyst noted that Bitcoin’s cycle could be accelerated if it breaks out now.
![BTC](https://fxruhanahmed.com/2/wp-content/uploads/2024/05/1716560974_246_Bitcoin-Disappoints-With-Fall-To-67000-But-Analyst-Says-Investors.png)
If Bitcoin consolidates for a few more weeks, it will be able to resynchronize itself with previous halving cycles. This would result in a larger bull run.
Featured image was created with Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com