Crypto Analyst Predicts Bitcoin to Hit All-Time High at $73,000

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Renowned cryptocurrency analyst, Dippy, has made a bold pronouncement regarding the future of Bitcoin, the world’s leading digital currency. Ignoring recent inclinations that saw its value dip below $68,000, he painted an optimistic picture, suggesting that Bitcoin is headed for a new all-time high (ATH).

With laser focus on the market behavior, Dippy proposed in a recent social media post that Bitcoin stands the chance of riding a significant price upsurge once it hits the liquidity point at around $73,000. His reasoning is rooted in the fact that numerous short traders have established their stop losses or liquidation points at this price, which could act as a springboard for Bitcoin’s price elevation. This phenomenon is tied to liquidation of short positions, which potentially sweeps away the bears.

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Concurrently, Dippy, a reputable voice in the crypto world, ventured into a speculative realm highlighting an alternative, somewhat grim projection. He conjectured that an unexpected growth spurt in Bitcoin’s worth, reaching the liquidity threshold, could be a deceptive power grab, destined to plummet quickly afterward. However, he asserted his faith in the first scenario, garnering support from another cryptocurrency analyst, James Check, who earmarked the $73,000 price range as a point of ‘escape velocity’ for Bitcoin.

Adrian Zduńczyk, a fellow crypto analyst, shared a similar sentiment, theorizing that Bitcoin has a high likelihood of transforming the $73,000 zone into a supportive, rather than resistant point. Zduńczyk emphasized Bitcoin’s state of prolonged consolidation within its current ATH, which has already spanned for 14 weeks. This trend is marked as particularly noteworthy since Bitcoin had initially demonstrated volatility in this region. Akin to a changing of the guard, Zduńczyk posed it as a trend-promotion movement, where what was once regarded with hesitation becomes a solid foundation for growth.

Mikybull Crypto, another analyst, shone light on the state of Bitcoin’s long-term consolidation in the current range as having potential for future growth. His reasoning is rooted in the theory of cause and effect— the longer the period of consolidation, the higher the rebound. He also highlighted Bitcoin’s bullish divergence as a sign of the flagship cryptocurrency’s unwavering power. His forecast predicts Bitcoin hitting $85,000 and later $110,000 once it breaks loose from its current limbo.

Rekt Capital, reinforcing the previous analyses, asserted that it’s merely a question of when, not if, Bitcoin breaks out of its current constraints. Having previously stipulated that successful soaring beyond the $70,000 range would trigger Bitcoin’s entrance into a ‘parabolic uptrend,’ he remains confident in this market cycle phase.

Analysis of Bitcoin’s drop below $68,000 indicates its correlation with the sizable outflows recorded by the US Spot Bitcoin ETFs on June 10. Farside Investors’ data revealed a collective peak of $64.9 million in outflows, marking the first daily outflow for these Spot Bitcoin ETFs since May 23.

The impending release of the US Consumer Price Index (CPI) inflation data and the declaration of the US Federal Reserve interest rate decision on June 12, have investors anxiously waiting on the fringe. Their decisions hinge heavily on these impending events, as anticipated market volatility could reshape the direction of crypto assets’ trajectories. The fate of Bitcoin, standing at a price of $67,000, is caught in the balance, leaving everyone eagerly watching the market’s next move.