Since May 21, when it hit a weekly high of $71,980, Bitcoin has dropped to a low of $67,000, which worries cryptocurrency buyers. Even though the price of the flagship coin has dropped, crypto analyst Jelle tells investors not to worry.
Jelle pointed out in a post on X (formerly Twitter) that Bitcoin is still following a trend that looks a lot like the 2017 bull run. He believes Bitcoin will likely go through a significant rise once it goes over its all-time high of $69,000 in 2021. When this happens, Jelle thinks Bitcoin could hit $100,000.
Jelle wrote in an earlier post that all key support levels have been broken, which is why Bitcoin is ready for such a move. He also saw that Bitcoin’s chart had formed a weekly hidden positive divergence just above the highs of the last cycle.
Bitcoin, Analysts Bullish, Predict Surge
Mags, a crypto trader, and analyst, agrees with Jelle’s positive view. He wrote on X that the recent drop in price was just a “fakeout before the next leg up.” He noticed that Bitcoin has been moving in a similar way since it hit a low point of $15,000.
The cryptocurrency’s price has been stuck in a range for a few weeks or months before breaking out. Mags thinks that BTC is about to make another significant move up if it keeps going in this direction.
In the same way, crypto expert BitQuant told investors that BTC recent drop is a good sign. He wrote on X that the price drop was “good confirmation” that BTC is about to go up a lot, and he said that it could hit $95,000 during the expected parabolic move.
Crypto expert Rekt Capital also said they thought Bitcoin would increase in value. He mentioned two possible outcomes: either BTC would break out of the Re-Accumulation Range if the weekly candle closes above $71,500 or stay in this range for a few more weeks. Rekt Capital says that both outcomes are good. A breakout could speed up the cycle, while an extended consolidation would bring BTC in line with past halving cycles, which could lead to a longer bull run.
