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Our analysis of the situation
As the rollercoaster ride for Bitcoin's price continues, many investors have been left with feelings of unease. However, amidst this sea of concern, there are voices of reason and optimism emerging from the crypto community. Let's take a look at why investors shouldn't be too hasty to panic about the recent price action of the flagship cryptocurrency.
According to crypto analyst Jelle, Bitcoin's current trajectory mirrors that of the 2017 bull run. Emphasizing this point, Jelle highlighted the potential for a parabolic move to the upside once Bitcoin surpasses its 2021 all-time high, with a bullish prediction of a $100,000 price point. In addition, Jelle pointed out that all key resistance levels have been breached and emphasized the existence of a weekly hidden bullish divergence on Bitcoin’s chart, suggesting upward potential.
Echoing Jelle's bullish sentiment, crypto trader and analyst Mags also offered reassurance to the worried investors, characterizing the recent price correction as the "fakeout before the next leg up." Drawing attention to Bitcoin's previous pattern of consolidation followed by a reclaim and an upward surge, Mags projected the possibility of a significant bullish movement in the near future.
Similarly, crypto analyst BitQuant supported the optimistic outlook by regarding the recent price dip as a positive indication of Bitcoin's preparation for a substantial upward move, envisioning a potential rise to $95,000 during this anticipated parabolic expansion.
Adding to this perspective, crypto analyst Rekt Capital expressed confidence in Bitcoin's future outlook, identifying two potential scenarios for the flagship cryptocurrency. He outlined that a weekly candle close above $71,500 could initiate a breakout from the Re-Accumulation Range. Conversely, Rekt Capital suggested that consolidation within this range for a few more weeks could lead to synchronization with past halving cycles, potentially resulting in a longer bull run.
It's clear from these expert insights that the recent fluctuations in Bitcoin's price should be viewed through a lens of cautious optimism rather than panic. The momentum appears to be building for an upward trajectory, and regardless of short-term movements, the long-term outlook remains bullish. So, for now, it might just be wise to sit tight and have faith in the potential for Bitcoin’s next big move.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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