Bitcoin

Rekt

<p>Crypto analyst Pierre has provided insights into why $69,000 is a <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-57938-level-to-watch/#:~:text=CryptoCon%20mentioned%20in%20an%20X,analysis%2C%20any%20potential%20price%20decline">significant price level</a> for Bitcoin. He suggested the flagship crypto could hit a <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="nofollow">new all-time high (ATH)</a> if it successfully holds above that range.&nbsp;</p> 
<h2 id="a-breakout-above-69-000-could-lead-to-a-bitcoin-recovery">A Breakout Above $69,000 Could Lead To A Bitcoin Recovery</h2> 
<p>Pierre mentioned in an X (formerly Twitter) <a href="https://x.com/pierre_crypt0/status/1796220664229097651" rel="nofollow">post</a> that Bitcoin must break above $69,000 as it would allow the crypto token to retest a range around the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-10-69000/">ATH region of $73,000</a>. This could also open up the possibility of the flagship hitting a new ATH if it enjoys a breakout during the retest of the <a href="https://bitcoinist.com/bitcoin-realized-cap-breaks-ath-capital-inflows/" rel="nofollow">current ATH region</a>.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-610876" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-1-5.png?w=460&amp;resize=460%2C258" alt="Bitcoin 1" width="460" height="258" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-1-5.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-1-5.png?w=460&amp;resize=460%2C258 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>Meanwhile, Pierre outlined what needs to happen for Bitcoin to avoid declining significantly. He noted that the flagship crypto must avoid losing the range <a href="https://bitcoinist.com/santiment-explains-why-bitcoin-price-below-67000/" rel="nofollow">between $67,500 and $68,200</a> as support. He claimed that a drop below this range could lead to Bitcoin retesting the range between $65,000 and $66,500.&nbsp;</p> 
<p><a href="https://bitcoinist.com/bitcoin-halving-investors-btc/" rel="nofollow">Crypto analyst Michael van de Poppe</a> also shared a sentiment similar to Pierre’s, although he specifically made reference to the $70,000 price level. He claimed that BTC will likely see a new ATH once it achieves a successful breakout above $70,000. In a recent <a href="https://x.com/CryptoMichNL/status/1796097756928393284" rel="nofollow">X post</a>, he claimed that Bitcoin must hold above $66,000 and $67,000 to avoid “further downward momentum to $60,000.”</p> 
<p><a href="https://bitcoinist.com/bitcoin-price-left-danger-zone/" rel="nofollow">Crypto analyst Rekt Capital</a> also suggested that Bitcoin simply needs to break above $70,000 to enter the ‘<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-troubles-far-from-over/">parabolic uptrend</a>’ phase. However, it could take a while before Bitcoin achieves that successful breakout above $70,000. Arthur Hayes, the co-founder and former CEO of BitMEX, <a href="https://www.newsbtc.com/news/bitcoin/crypto-expert-arthur-hayes-says-bitcoin-has-found-its-local-bottom-but-can-it-hold-this-level/">predicted</a> that BTC will continue to range between $60,000 and $70,000 until August.</p> 
<p>Van de Poppe suggested that it might not take that long for Bitcoin to break above $70,000. He <a href="https://x.com/CryptoMichNL/status/1795903688298688559" rel="nofollow">predicted</a> listing the Spot Ethereum ETFs could trigger a significant move for Bitcoin and altcoins. <a href="http://v" rel="nofollow">Bloomberg analyst Eric Balchunas</a> recently <a href="https://x.com/EricBalchunas/status/1795934675380109479" rel="nofollow">predicted</a> that these funds could go live in June or by July 4th at the latest.&nbsp;</p> 
<h2 id="a-weekly-close-above-69-000-could-alter-history">A Weekly Close Above $69,000 Could Alter History&nbsp;</h2> 
<p>In a recent <a href="http://v" rel="nofollow">X post</a>, Rekt Capital claimed that a weekly close above the <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="nofollow">$69,000 range</a> “would alter the course of history.” However, he suggested it was unlikely to happen, stating that Bitcoin doesn’t “favor a breakout this early <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="nofollow">post-halving</a>.” The crypto analyst had <a href="https://x.com/rektcapital/status/1795770314774753584" rel="nofollow">previously mentioned</a> that “history suggests that this historic breakout is still several weeks away.”</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-610877" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-2-7.png?w=460&amp;resize=460%2C324" alt="Bitcoin 2" width="460" height="324" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-2-7.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-2-7.png?w=460&amp;resize=460%2C324 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-2-7.png?w=120 120w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>However, he added that it has become clear that Bitcoin is “only one weekly close above the range high away from entering the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-troubles-far-from-over/">parabolic phase</a> of the cycle.” Before now, Rekt Capital <a href="https://bitcoinist.com/bitcoin-price-left-danger-zone/" rel="nofollow">revealed</a> that Bitcoin hitting a new ATH before the halving had brought about an accelerated cycle but that the flagship crypto could consolidate for longer to resynchronize with previous halving cycles.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/ogJaNnsd/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Crypto Analyst Reveals Why $69,000 Is Very Important In The Grand Scheme Of A Bitcoin Recovery

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