Bitcoin’s ($BTC) price is currently below the price level of $69,000. The prominent crypto token witnessed the closure of the recent weekly candle thereof at up to $68,350. For a greater push this week, it was expected from the coin to close the previous week above the $69,000 crucial mark. The latest statistics have pointed out that the crypto token has an optimistic outlook if it fulfils certain conditions.
BTC Struggles to Touch $69K
The analytics disclose that the chief crypto’s weekly candle can go beyond the $69,000 spot. There are strong chances for the respective price move. In this respect, the crypto token’s value has been going through a significant price jump. If it crosses the price level of $69,000, it can go through a parabolic move. This may take into account the price movement between $100k and $150k.
The present data discloses that this whole episode may take up to six to seven weeks following a price breakout. The same took place in former such cycles in Bitcoin’s price history. The crypto token, during the weekly period, established a Doji candle. This gives a clear signal concerning an indecision in the price of the token.
The Potential Price Jump of Bitcoin May Result in a Huge Altcoin Season
In line with the data, the token may see price fluctuations between $52k and $70k. In addition to this, it can create a support range concerning extra price spikes. In general, this development would prove beneficial for the altcoins including ETH. The potential of Bitcoin to overcome the hard times, as was witnessed in recent months, boosts investor confidence.
That is why the top crypto is witnessing an overall bullish momentum. The potential price jump of Bitcoin will likely enable the altcoins to get a boost in their prices. This would reportedly result in a huge altcoin season. The current biggest issue for Bitcoin is to reach the $69k price level.
