Crypto analyst Dippy has laid a bullish narrative for the , suggesting that the flagship crypto could soon hit a . This comes despite Bitcoin’s recent drop below $68,000.
Bitcoin Could Experience A Massive Pump Above $73,000
Dippy suggested in an X (formerly Twitter) that Bitcoin could enjoy a price pump once it reaches the around $73,000. He noted that many short traders have their stop losses or liquidation levels around that price level, which could be the catalyst for this price pump since can easily flush out the bears.
The crypto analyst also outlined another scenario that could play out, which presents a bearish outlook for Bitcoin. He claimed that Bitcoin’s surge to this liquidity zone could be a fakeout to take liquidity and then move down again. However, Bitcoin experiencing that pump once it hits $73,000 looks more likely, considering that labeled the as where Bitcoin could enter an escape velocity phase.
Crypto analyst Adrian Zduńczyk also suggested that Bitcoin would likely turn that $73,000 zone into support if it climbed to that level. He noted that Bitcoin has continued to consolidate inside its current ATH area for 14 weeks now, which is significant considering that this was an area where it had shown weakness before. Zduńczyk claims this is a “trend-promoting behavior” as resistance becomes the new support, and Bitcoin will continue to go higher.
Meanwhile, suggested that Bitcoin’s long-term consolidation in this range might be good, that the “longer the consolidation, the higher it moves when it breaks out.” He also remarked that Bitcoin’s bullish divergence also indicates “strong strength” for the flagship crypto. Mikybull Crypto expects Bitcoin to rise to $85,000 and then $110,000 when this long-awaited breakout happens.
also noted that it is only a matter of time before the breakout happens. He had previously stated that a successful breakout for Bitcoin above the $70,000 range would send it into the ‘parabolic uptrend’ phase of this .
Why BTC Dropped Below $68,000
Bitcoin dropped below $68,000 following the significant outflows the US recorded on June 10. from Farside Investors shows these funds saw a cumulative total of $64.9 million in outflows, the first time these Spot Bitcoin ETFs recorded daily outflows since May 23.
Investors are believed to be waiting on the sidelines ahead of the inflation data and the interest rate decision on June 12. A lot of volatility is expected in the crypto market ahead of these events, which could determine the future trajectory of crypto assets.