Bitcoin has been on a bullish trend, reaching $50,000 for the first time in two years, but some crypto analysts still anticipate that the token might be gearing up for a potential correction.
Bitcoin Could See A Pullback At Any Moment
According to the recent analysis by cryptocurrency expert Crypto Jelle, Bitcoin could undergo a retest anytime soon. 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 back up his claims visually. 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 “over the past 6 years.” He further pointed out that the crypto asset is not breaking out of the “channel anytime soon.”
Due to this, Crypto Jelle believes that the price of BTC might witness a “retest of the mid-range.” Thus, he has urged investors to get involved with the token to increase prices and avoid the impending pullback.
The post read:
Bitcoin has spent the past 6 years inside this rising channel. Doesn’t look like that’s going to change anytime soon. In fact, it seems about time for a retest of the mid-range. Send it higher.
Jelle has also underscored the potential for the digital asset to soar higher to a new all-time high. In another X post, he highlighted that today is “one of those days to recall the part of the cycle we are in.”
Jelle has underlined two distinct timeframes for Bitcoin, which include the lower timeframe and the higher timeframe. He asserted that in the lower timeframe, BTC’s performance looks like “dog poop.”
Meanwhile, in the higher timeframe, BTC’s performance looks promising, suggesting a move to a new price level. Jelle appears bullish on Bitcoin as he has encouraged the community not to be “shaken out” of the market.
Massive Sell-Off By BTC Whales
Despite the upward momentum, reports have revealed a significant selling spree from BTC whales. Ali Martinez, a well-known crypto analyst, reported Tuesday’s development on the X platform.
Per Martinez’s post, Bitcoin whales might lose their confidence in the token. Martinez asserted that whales have sold over 30,000 BTC valued at $1.56 billion in the past 2 days.
The report has sent quite a frenzy in the community, leaving crypto enthusiasts to ponder the impact of the sell-off. However, it is believed that this could be a notable development, indicating the start of a distribution phase, which could extend the low timeframe bearish action.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.