Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s price dropped by 2.5%, surprising traders who expected new all-time highs after its early week rally to $72,000.</li>
 <li>Analysts suggest that Bitcoin is following a similar pattern to previous cycles and project a price of $100,000.</li>
</ul>
<p>Bitcoin’s price has taken a surprising 2.5% dip, catching traders off guard who had been expecting new all-time highs after the cryptocurrency’s early week rally to $72,000.</p>
<p>The sudden drop in the price of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) from a high of $71,980 on May 21 to an intra-day low of $67,550 on May 23 left leveraged long traders stunned.</p>
<h2 id="bitcoin-s-predicted-path">Bitcoin’s Predicted Path</h2>
<p>Independent analyst Jelle has commented on the recent price movements, stating that Bitcoin is still following a similar path to its 2016-2017 cycle.</p>
<p>Jelle predicts that once Bitcoin breaks the 2021 all-time highs, it will enter a parabolic uptrend, projecting a Bitcoin price of $100,000.</p>
<p>Trader and analyst Mags suggests that the current BTC correction could be a “fake out,” a pattern it has displayed since bottoming out at $15,500.</p>
<h2 id="bitcoin-s-recent-recovery">Bitcoin’s Recent Recovery</h2>
<p>Jelle also noted that BTC’s recent recovery above $65,000 saw it break “all key resistance levels,” including the 50-day exponential moving average (EMA), which is currently at $64,665.</p>
<p>This has resulted in “hidden bullish divergence,” further supporting Bitcoin’s upside.</p>
<p>Analyst Matthew Hyland noted that BTC price was close to retesting the demand zone between $64,000 and $67,000, representing the neckline of an inverse head-and-shoulders pattern.</p>
<p>However, those betting on BTC’s recovery from the current levels lost big on May 23, as the downturn liquidated $159.3 million in long positions worth amid a 24-hour total wipeout of $227.51 million.</p>
<p>With the latest drawdown, $46.75 million in BTC leveraged positions have been liquidated over the last hour alone, with $39.6 million of these being longs.</p>

Bitcoin Traders Predict False Drop, Foresee Impending Price Surge

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