Based on a recent study, crypto specialist Pierre underlined the importance of the $69,000 price level for Bitcoin and advised keeping this level to open the path for a new all-time highest (ATH). In a message on X (previously Twitter), Pierre clarified that exceeding $69,000 would allow Bitcoin to revisit the $73,000 range, hence maybe sparking a breakthrough and a new ATH.
Pierre further underlined the need of Bitcoin keeping its support between $67,500 and $68,200 to stop a big drop. Falling beyond this area might cause BTC to tumble to between $65,000 and $66,500, he cautioned.
Bitcoin Analysts Predict Key Breakout
Emphasizing the $70,000 threshold, crypto analyst Michael van de Poppe also reflected Pierre’s opinions. Once BTC rises beyond $70,000, Van de Poppe said it is probably going to reach a new ATH. Maintaining support above $66,000 and $67,000 is also absolutely vital to prevent a slide toward $60,000, he said.
Analyst Rekt Capital also thinks that Bitcoin has to break above $70,000 if it is to start a “parabolic uptrend.” He advised, nevertheless, that this breakthrough might not happen quickly. Former BitMEX CEO Arthur Hayes forecast that until August BTC would swing between $60,000 and $70,000.
Van de Poppe is more hopeful, implying that the listing of Spot Ethereum ETFs would cause a notable surge for Bitcoin and altcoins. Bloomberg analyst Eric Balchunas said these ETFs might be approved by June or by July 4th.
Though he thought it improbable in the immediate future, Rekt Capital said a weekly close above $69,000 might “change the course of history.” A historic breakthrough could yet be many weeks away, post-halved, he said. Still, he said, Bitcoin is “only one weekly close above the range high away from entering the parabolic phase of the cycle.” An early ATH before the halving might potentially result in a lengthier consolidation period to match past cycles, he added.
