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Bitcoin Price Drops: Should Investors Be Concerned?

The price of Bitcoin has dropped from its weekly high of $71,980, recorded on May 21, to as low as $67,000, raising concerns amongst crypto investors. However, crypto analyst Jelle has suggested that there is no need to be worried about the flagship crypto’s price action.

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Why Investors Shouldn’t Be Worried About The Bitcoin Price

Jelle noted in an X (formerly Twitter) post that Bitcoin is still following a “similar path” to the 2017 bull run. He claimed that once the crypto token breaks again above the 2021 all-time high ($69,000), it will make a parabolic move to the upside. Jelle predicts that Bitcoin could reach $100,000 when that happens.

In an earlier X post, Jelle provided insights into why Bitcoin could easily make such a move. He revealed that all key resistance levels have been broken. He also noted that a weekly hidden bullish divergence had formed on Bitcoin’s chart, just on top of the previous cycle highs.

Crypto analyst BitQuant also assured there was no need to panic about Bitcoin’s recent dip. In an X post, he claimed that the price dip was a “good confirmation” that Bitcoin is preparing for a “big leg up.” The crypto analyst predicts that the flagship crypto will rise to as high as $95,000 when this parabolic move happens.

BTC’s Outlook Is Bullish Either Way

Crypto analyst Rekt Capital suggested that Bitcoin’s outlook is bullish regardless of what happens. He outlined two possible moves the flagship crypto could make from here. First, he stated that a weekly candle close above $71,500 would likely kickstart the breakout from the Re-Accumulation Range.

However, if Bitcoin continues to consolidate for some more weeks, that will help it resynchronize with past halving cycles, resulting in a longer bull run.

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