According to a businessman, bitcoin needs to maintain its speed as it reaches its all time high, as a fall of $ 108,000 can trigger below a recession.
Crypto analyst Dan Crypto Trades “You don’t want to see this deviation back again at this point. Said On Thursday, adding that bitcoin (BTC) “is trying a breakout.”
Bitcoin is at risk $ 2.67 billion
“Any one closes around this $ 110K area,” he said. Bitcoin reached $ 110,498 on Thursday, but has since retreated by $ 109,250, According For coinmarketcap data. It is about 2.5% below its all -time high of $ 111,970.
Daan’s chart analysis suggests that if bitcoin returns to $ 108,000 – then this level that has been achieved only recently – it can trigger a recession downtrend, possibly extending the price below $ 100,000 and possibly below $ 96,000.
Bitcoin has not dropped below $ 100,000 since 22 June, when it briefly touched $ 98,900 between Israel and Iran. A step below this level will eliminate about $ 2.67 billion in long positions, According For coinglass data.
Many other analysts appear to be confident in bitcoin uptrend. Crypto analyst miles deusher Said“Here is very difficult for recession.”
Meanwhile, Crypto trader Cryptofyz Explained Using a chart that if bitcoin breaks its current all-time high $ 111,960, it can continue its uptrend to $ 116,000.
Similarly, Marcus Thielen of 10X Research on Thursday told the coinlagraph that this price level could be reached by the end of July, sturdy flow in the spot bitcoin ETF, uncertainty around the US Federal Reserve and the rapid decline of bitcoin supply on Crypto exchanges.
Bitcoin consolidation phase is different from this cycle
However, donation Said The current consolidation of that bitcoin looks slightly different from the first one in this cycle. “It is still following the same pattern where it does the stall, distracts down, retreats the border and then grinds higher,” he said, it is “real breakout and continuity” missing.
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James McKake founder of Mcke Research Said“Now we have these periodic, multi -layered consolidations, as much as it is going to take us away from beaten (path) in relation to four -year cyclical behavior.”
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There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
