Crypto analyst Dippy recently made a bullish prediction for the future trajectory of Bitcoin, suggesting that the flagship cryptocurrency could soon reach a new all-time high (ATH). Despite Bitcoin’s recent drop below $68,000, Dippy believes that the price could experience a massive pump above $73,000. He pointed out that many short traders have their stop losses or liquidation levels around $73,000, which could trigger a price pump as liquidations of short positions could flush out the bears.
In addition to the bullish outlook, Dippy also outlined a bearish scenario where Bitcoin’s surge to the $73,000 liquidity zone could be a fakeout to take liquidity before moving down again. However, other crypto analysts like James Check and Adrian Zduńczyk believe that Bitcoin could enter an escape velocity phase at $73,000 and turn that zone into support. Zduńczyk noted that Bitcoin has been consolidating inside its current ATH area for 14 weeks, which indicates a trend-promoting behavior where resistance becomes support and Bitcoin continues to climb higher.
Another crypto analyst, Mikybull Crypto, suggested that Bitcoin’s long-term consolidation could be beneficial, as the longer the consolidation, the higher the price moves when it breaks out. He also highlighted Bitcoin’s bullish divergence as a sign of strong strength for the crypto asset, expecting it to rise to $85,000 and $110,000 when the breakout finally occurs. Rekt Capital also believes that a breakout for Bitcoin above the $70,000 range will send it into a parabolic uptrend phase of the market cycle, indicating that it’s only a matter of time before this happens.
Bitcoin’s drop below $68,000 was attributed to significant outflows from US Spot Bitcoin ETFs on June 10, which saw a total of $64.9 million in outflows, the first daily outflows since May 23. Investors are speculated to be on the sidelines awaiting the US Consumer Price Index (CPI) inflation data and the US Federal Reserve interest rate decision on June 12, which could bring volatility to the crypto market and determine the future trajectory of crypto assets. With various analysts predicting different price movements for Bitcoin, it remains to be seen how the flagship cryptocurrency will perform in the coming days and weeks.
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