Bitcoin has been on and reaching a bullish trend $50,000 for the first time in two years, but some crypto analysts still expect the token to gear up for a possible correction.
Bitcoin could see a pullback at any time
According to recent analysis by cryptocurrency expert Crypto Jelle, Bitcoin could soon undergo a retest. Jelle shared his latest projections with his thousands of followers on the social media platform X (formerly Twitter).
A chart of Bitcoin accompanied his X-post to demonstrate his observations and further visually substantiate his claims. Crypto Jelle’s analysis examines the current and past position of Bitcoin and has identified the presence of a ‘rising channel’.
He stated that Bitcoin has been in this rising channel “for the past six years.” He further pointed out that the crypto asset will not break out of the “channel” anytime soon.
As a result, Crypto Jelle believes that the price of BTC could witness a ‘mid-range retest’. Therefore, he has urged investors to get involved with the token to increase prices and avoid the looming decline.
The message read:
Bitcoin has spent the last six years in this rising channel. It doesn’t look like that will change anytime soon. It even seems time for a retest of the mid-range. Send it higher.
Jelle also highlighted the potential for digital assets to soar to a new all-time high. In another X afterhe emphasized that today is “one of those days to think back to the part of the cycle we are in.”
Jelle highlighted two different time frames for Bitcoin including the lower time frame and the higher time frame. He claimed that BTC’s performance in the lower time frame resembles ‘dog poop’.
Meanwhile, BTC’s performance looks promising in the longer time frame, indicating a move to a new price level. Jelle seems optimistic Bitcoin for encouraging the community not to be squeezed out of the market.
Huge sale by BTC Whales
Despite the upward momentum, reports have revealed a significant sell-off in BTC whales. Ali Martinez, a well-known crypto analyst, reported Tuesday’s development on the X platform.
According to Martinez’s post, Bitcoin whales may lose their confidence in the token. Martinez claimed that Whales have sold more than 30,000 BTC worth $1.56 billion in the last two days.
The report has caused quite a stir in the community, causing crypto enthusiasts to consider the impact of the sell-off. However, it is believed that this could be a notable development, signaling the beginning of a distribution phase, which could extend the low-frame bearish action.
Featured image from iStock, chart from Tradingview.com
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