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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Bulls In Jeopardy? Analyst Sounds Warning Of Possible Retest

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Bitcoin

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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).

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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.”

Bitcoin
BTC in a 6-year-long rising channel | Source: Crypto Jelle on X

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.

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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. 

Bitcoin
BTC trading at $51,358 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is 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.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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