Is the Future of Bitcoin Dangerous? Expert Raises Red Flag Over Potential Retest

Despite the fact that Bitcoin has been on an upward trajectory, exceeding $50,000 for the first time in two years, there are still crypto specialists who believe that the currency may be getting ready for a possible drop.

Any moment now, Bitcoin may see a decline in value.
A new research conducted by Crypto Jelle, a specialist in the field of cryptocurrencies, suggests that Bitcoin may be subjected to a retest in the near future. Through the social media network X (which was previously known as Twitter), Jelle disseminated his most recent forecasts to the thousands of people who follow him.

His X article was accompanied with a chart of Bitcoin, which served to illustrate his insights and provide more visual support for his positions. Cryptocurrency The study conducted by Jelle takes into consideration both the present and historical position of Bitcoin, and it has determined that there is a "rising channel."


With regard to Bitcoin, he claimed that it has been in this upward channel "over the past six years." To add insult to injury, he emphasized that the cryptocurrency asset is not going to emerge from the "channel anytime soon."

According to Crypto Jelle, this is the reason why they anticipate that the price of Bitcoin may see a "retest of the mid-range." Consequently, he has advised investors to become engaged with the token in order to raise prices and prevent the inevitable fall.

During the previous six years, Bitcoin has located itself inside this upward channel. At this point, it does not seem that this will be changing any time soon. A reassessment of the mid-range area seems to be warranted at this point in time. Raise it to a greater level.

Jelle has also emphasized the possibility that the digital asset would reach a new all-time high, which would be a significant price increase. He brought attention to the fact that today is "one of those days to recall the part of the cycle we are in" in another post that he made on Medium.

By highlighting the lower period and the higher timeframe, Jelle has brought attention to the fact that there are two separate timelines around Bitcoin. According to him, Bitcoin's performance in the shorter term seems to be "dog poop."

The performance of Bitcoin, on the other hand, seems to be positive in the longer term, which indicates that it may advance to a new price level. It would seem that Jelle is optimistic about Bitcoin by virtue of the fact that he has urged the community to avoid being "shaken out" of the market.


Bitcoin Whales Engage in a Massive Sell-Off
In spite of the increasing trend, sources have made it clear that Bitcoin whales have been engaged in a huge selling binge. The change that occurred on the X platform on Tuesday was reported by Ali Martinez, a well-known cryptocurrency specialist.

Continue reading for more information: Bitcoin Whales Avoid Taking Significant Short Positions and Exhibit Confidence in Price Surge
As stated in Martinez's piece, Bitcoin whales may experience a loss of trust associated with the cryptocurrency. During the previous two days, Martinez said that whales had sold more than 30,000 Bitcoins, which are now worth at $1.56 billion.

The news has caused quite a commotion in the community, and those who are interested in cryptocurrencies are now wondering what the consequences of the sell-off will be. In spite of this, it is anticipated that this might be a significant development, signifying the beginning of a distribution phase, which could potentially prolong the bearish action that has been occurring in the low period.