Bitcoin

<p>Bitcoin has dropped from its weekly high of $71,980, recorded on May 21, to as <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-10-69000/">low as $67,000</a>, raising concerns amongst crypto investors. However, crypto analyst Jelle has suggested that there is no need to be worried about the <a href="https://bitcoinist.com/bitcoin-breakout-from-major-resistance-levels/" rel="nofollow">flagship crypto’s price action</a>.&nbsp;</p> 
<h2 id="why-investors-shouldn-t-be-worried-about-the-bitcoin-price">Why Investors Shouldn’t Be Worried About The Bitcoin Price</h2> 
<p>Jelle noted in an X (formerly Twitter) post that Bitcoin is still following a “similar path” to the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-historical-1200-surge/">2017 bull run</a>. He claimed that once the crypto token breaks again above the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-10-69000/">2021 all-time high ($69,000)</a>, it will make a parabolic move to the upside. Jelle predicts that <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-100000-cardano-dead/#:~:text=Why%20Cardano%20Is%20Dead,non%2Dexistent%E2%80%9D%20on%20it.">Bitcoin could reach $100,000</a> when that happens.&nbsp;&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-609659" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-1-1.png?w=460&amp;resize=460%2C248" alt="Bitcoin 1" width="460" height="248" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-1-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-1-1.png?w=460&amp;resize=460%2C248 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>In an earlier <a href="https://x.com/CryptoJelleNL/status/1793625695920529695" rel="nofollow">X post</a>, Jelle provided insights into why Bitcoin could easily make such a move. He revealed that all key resistance levels have been broken. He also noted that a weekly <a href="https://bitcoinist.com/bitcoin-ethereum-seeing-bullish-divergence-metric/" rel="nofollow">hidden bullish divergence</a> had formed on Bitcoin’s chart, just on top of the previous cycle highs.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-609660" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-2-3.png?w=460&amp;resize=460%2C352" alt="Bitcoin 2" width="460" height="352" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-2-3.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-2-3.png?w=460&amp;resize=460%2C352 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>Meanwhile, crypto trader and analyst Mags also echoed Jelle’s bullish sentiment. In an <a href="https://x.com/thescalpingpro/status/1793554343058428267" rel="nofollow">X post</a>, he mentioned that this recent price correction was the “fakeout before the next leg up.” Mags noted how Bitcoin has maintained a similar pattern since its price <a href="https://bitcoinist.com/bitcoin-just-broke-15000-heres-comes-next/" rel="nofollow">bottomed at $15,000</a>, with the flagship crypto consolidating inside a range for “a few weeks or months.”</p> 
<p>Mags claims that Bitcoin then breaks below the range where it traps all bears before making a “quick reclaim and another leg up.” The analyst added that there is going to be a “massive leg up soon” if Bitcoin manages to repeat this pattern.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-609662" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-3-1.png?w=460&amp;resize=460%2C270" alt="BTC" width="460" height="270" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-3-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-3-1.png?w=460&amp;resize=460%2C270 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>Crypto analyst BitQuant also assured there was no need to panic about Bitcoin’s recent dip. In an <a href="https://x.com/BitQua/status/1793686259719881071" rel="nofollow">X post</a>, he claimed that the price dip was a “good confirmation” that Bitcoin is preparing for a “big leg up.” The crypto analyst predicts that the flagship crypto will rise to <a href="https://www.newsbtc.com/news/bitcoin/59800-important-level-bitcoin/#:~:text=Martinez%20mentioned%20in%20an%20X,drop%20to%20that%20price%20level.">as high as $95,000</a> when this parabolic move happens.&nbsp;</p> 
<h2 id="btc-s-outlook-is-bullish-either-way">BTC’s Outlook Is Bullish Either Way</h2> 
<p><a href="https://bitcoinist.com/bitcoin-price-left-danger-zone/" rel="nofollow">Crypto analyst Rekt Capital</a> suggested that Bitcoin’s outlook is bullish regardless of what happens. He <a href="https://x.com/rektcapital/status/1792900331002540216" rel="nofollow">outlined</a> two possible moves the flagship crypto could make from here. First, he stated that a <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="nofollow">weekly candle close above $71,500</a> would likely kickstart the breakout from the Re-Accumulation Range.</p> 
<p>On the other hand, he noted that history suggests that Bitcoin will consolidate inside this <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-troubles-far-from-over/">Re-Accumulation Range</a> for some weeks more. Based on his analysis, Bitcoin is still bound to make significant moves to the upside, and all that matters is the timing. The analyst noted that a breakout now could mean Bitcoin would have an accelerated cycle.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-609663" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-4.png?w=460&amp;resize=460%2C324" alt="BTC" width="460" height="324" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-4.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-4.png?w=460&amp;resize=460%2C324 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-4.png?w=120 120w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>However, if Bitcoin continues to consolidate for some more weeks, that will help it resynchronize with past halving cycles, resulting in a longer <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="nofollow">bull run</a>.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/ucDeiSpm/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Bitcoin Disappoints With Fall To $67,000, But Analyst Says Investors Should Not Be Fazed. Here’s Why

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