In the cryptocurrency market, we can say that Bitcoin’s price is continuing a range-bound movement. This movement seems likely to continue until Bitcoin surpasses the $73,000 level. Once Bitcoin surpasses its previous peak and starts moving towards new highs, we will stop talking about range-bound and stagnant price movements. Today, an analyst shared on X the price levels he is observing for Bitcoin. Let’s look at the analyst’s comments.
Bitcoin Prepares for a New Price Increase
The world’s leading cryptocurrency Bitcoin (BTC) has been in a consolidation phase for about 100 days. This means its price has been fluctuating within a certain range, experiencing neither significant gains nor dramatic losses. However, analyst Jelle now foresees a potential breakout followed by a price increase.
There are also positive signs indicating that Bitcoin, the flagship of cryptocurrencies, might enter a new upward trend. Proponents of this view point to the long consolidation period as a sign of accumulated buying pressure. During consolidation, investors might be accumulating Bitcoin in anticipation of future price increases. When the price breaks above the consolidation range, it could trigger an increase in buying activity, pushing the price even higher.
Analyst Jelle Points to $85,000
Some analysts mention specific price targets. One of these analysts, Jelle, has a particular level he is observing. This target is the $85,000 level, which would represent a significant jump from the current price for the cryptocurrency Bitcoin.
The analyst considers surpassing this level as critical. According to Jelle, if this happens, as indicated by the arrow on the chart, the cryptocurrency BTC will also surpass $90,000. The fact that the analyst has set a target at this stage shows that expectations in the cryptocurrency market are strong.
At this stage, if buying pressure increases and technical indicators turn bullish, we could see Bitcoin entering its next upward phase. At the time of writing, Bitcoin’s price is just below $69,000. BTC is at the level of $68,967.
