Crypto analyst Daan Crypto has highlighted a Bitcoin Rainbow Chart, providing insights into Bitcoin’s current price action. The analyst noted that Bitcoin needs to stay above $60,000 to initiate a bullish reversal and possibly achieve new highs in this market cycle.
In a post on X, Daan Crypto hinted at Bitcoin’s potential fall below $51,000, marking an excellent accumulation zone. Despite a tepid price action since its all-time high of $73,000 in March, the analyst reassured that better days lie ahead for Bitcoin.
He emphasized unique aspects of the current cycle, with Bitcoin hitting a new ATH before the April halving event, suggesting the crypto is still ahead in its cycle. Another analyst, Rekt Capital, warned of accelerated cycles if Bitcoin fails to consolidate.
Arthur Hayes, BitMEX co-founder, predicts more liquidity entering Bitcoin, influenced by macroeconomic factors. He points out U.S. Treasury Secretary Janet Yellen's positive outlook on the economy and potential quantitative easing as catalysts for market recovery.
Currently, Bitcoin trades around $54,800, up over 1% in the last 24 hours as per CoinMarketCap. The featured image is created using Dall.E, with charts sourced from Tradingview.com.
