Kickstarting The Bitcoin Bull Run: Expert Says $70,000 Is The Level To Beat
May 27 2024 - 10:00AM
NEWSBTC
Crypto expert Michael van de Poppe has outlined an important price
level from which Bitcoin must break out. He claims that once it
achieves a successful breakout, the flagship crypto will see a new
all-time high (ATH). Bitcoin Needs To Break Through $70,000
Van de Poppe mentioned in an X (formerly Twitter) post that Bitcoin
needs to break through $70,000 on the lower time frame (LTF) basis.
Once that happens, the analyst claimed that Bitcoin will likely see
a new ATH. Related Reading: Prepare For Impact: Market Expert
Says Biggest Disaster In Crypto Yet To Come He also noted that
lower timeframe regions at $67,000 were holding. Meanwhile, he
highlighted Bitcoin’s long consolidation, stating that almost three
months have passed since the crypto token remained in that
range. . However, the crypto expert believes that Bitcoin will
likely remain stuck in this range for a “substantial period,” with
the flagship crypto possibly trading lower. This is because he
foresees a rotation from Bitcoin towards Ethereum and other
altcoins, which will cause the flagship crypto not to move to the
upside. This long consolidation period was expected from BTC.
Arthur Hayes, the co-founder and former CEO of BitMEX, predicted
that the crypto token would continue to range between $60,000 and
$70,000 until August. Crypto analyst Rekt Capital has also
repeatedly mentioned that Bitcoin will face such a long
consolidation period, which he claimed is good for Bitcoin. He
noted how the flagship crypto hit a new ATH before the halving
event brought about an accelerated cycle. However, a long
consolidation period means Bitcoin is trying to resynchronize with
previous halving cycles. He suggested this is better since it will
make the bull run longer. Rekt Capital claimed If it successfully
resynchronizes with the previous bull cycles, Bitcoin will peak
sometime in September or October next year. In a recent X
post, Rekt Capital mentioned that “there is still scope for
additional consolidation at these highs” but added that the time
left in this phase “is slowly running out.” The chart the analyst
shared suggested that Bitcoin simply needs to break out from the
$70,000 range before it enters into the ‘parabolic uptrend’
phase. BTC May Be Headed To $78,000 Next Crypto analyst
Mikybull Crypto recently suggested that Bitcoin could be headed to
$78,000 on its next leg up. He revealed that the flagship crypto
had broken out of an inverse head and shoulders pattern and was
currently “bull flagging for the next move.” He highlighted $78,000
as the price target for this next move. Related Reading:
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subsequent X post, he claimed that BTC retesting its support level
might be the next step before this “explosive rally” finally
happens. Bitcoin potentially rising to $78,000 is significant as it
could clear the road for the flagship crypto to hit $100,000.
Crypto analyst Crypto Jebb previously mentioned that there is a
“great degree of likelihood” that Bitcoin would rally to $100,000
should it break its current ATH of $73,800. Featured image
created with Dall.E, chart from Tradingview.com
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