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 said on Thursday, “You don’t want to see this deviation below $ 108k at this point again,” Bitcoin (BTC) is “trying to” breakout “.
Bitcoin is at risk $ 2.67 billion
“Any one closes around this $ 110K area,” he said. According to data from Coinmarketcap, Bitcoin has reached $ 110,498 on Thursday, but has since returned to $ 109,250. 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. According to the data of a step below this level, about 2.67 billion dollars will wipe for a long time.
Many other analysts appear to be confident in bitcoin uptrend. Crypto analyst Miles Dutashar said, “It is very difficult for recession here.”
Meanwhile, the Crypto trader Cryptophyz using a chart explained 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 coinalgraph that this price level could be reached by the end of July, citing strong flows in the spot bitcoin ETF, uncertainty around the US Federal Reserve and a rapid decline of bitcoin supplies on Crypto exchanges.
Bitcoin consolidation phase is different from this cycle
However, Dan said that the current consolidation of 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, the founder of McKake Research, said, “Now we have these periodic, multi -layered consolations, the more it is beaten us. [path] Regarding specific 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.
