Crypto analyst Pierre explained why $69,000 is a significant price level for Bitcoin. He suggested that the flagship crypto could reach a new absolute record (ATH) if it manages to stay above this range.
Breakout Above $69,000 Could Lead to Bitcoin Recovery
Pierre mentioned in an X (formerly Twitter) job that Bitcoin needs to surpass $69,000 as this would allow the crypto token to retest a range around the Region ATH of $73,000. This could also open up the possibility of the flagship reaching a new ATH if it benefits from a breakout during the retest of the current ATH region.
![Bitcoin 1](https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-1-5.png?w=460&resize=460%2C258)
Meanwhile, Pierre explained what needs to happen for Bitcoin to avoid a significant decline. He noted that the flagship crypto must avoid losing reach between $67,500 and $68,200 as support. He claimed that a drop below this range could cause Bitcoin to retest the range between $65,000 and $66,500.
Michael van de Poppe, crypto analyst also shared a similar sentiment as Pierre, although he specifically referenced the $70,000 price point. He claimed that BTC will likely see a new ATH once it manages to surpass $70,000. In a recent Messagehe claimed that Bitcoin must hold above $66,000 and $67,000 to avoid “further downward momentum towards $60,000.”
Crypto Analyst Rekt Capital also suggested that Bitcoin simply needs to surpass $70,000 to enter the “parabolic uptrend' phase. However, it could take some time before Bitcoin achieves that successful breakthrough above $70,000. Arthur Hayes, co-founder and former CEO of BitMEX, predicted that BTC will continue to range between $60,000 and $70,000 until August.
Van de Poppe suggested that it might not take that long for Bitcoin to surpass $70,000. He predicted listing of Spot Ethereum ETFs could trigger a significant move for Bitcoin and altcoins. Eric Balchunas, analyst at Bloomberg recently predicted that these funds could be put into use in June or no later than July 4.
Weekly close above $69,000 could change the story
In a recent MessageRekt Capital asserted that a weekly close above the Range of $69,000 “would change the course of history.” However, he suggested this was unlikely, stating that Bitcoin does not “favor such an early breakout.” after the halving.” The crypto analyst had previously mentioned that “history suggests that this historic breakthrough is still several weeks away.”
![Bitcoin2](https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin-2-7.png?w=460&resize=460%2C324)
However, he added that it has become clear that Bitcoin is “only one weekly close above the high end of the range before entering the market.” parabolic phase of the cycle. » Previously, Rekt Capital revealed that Bitcoin reaching a new ATH before the halving had resulted in an accelerated cycle, but that the flagship crypto could consolidate longer to resynchronize with previous halving cycles.
Featured image created with Dall.E, chart from Tradingview.com