##大盘走势

Bitcoin recovery: Analysts expect near-term target of $69,000

Cryptocurrency analyst and enthusiast Crypto Jelle expressed optimism about Bitcoin’s price action, stressing that the digital asset has the potential to re-touch the $69,000 threshold in the near term.

Bitcoin price fell 5.60% to $66,650 amid waning interest in the cryptocurrency market. However, the latest price drop does not seem to dampen traders’ and analysts’ expectations of a continued bull run, analyst Crypto Jelle being one of them.

Crypto Jelle, an advocate of the largest crypto asset, noted that although Bitcoin did not break $69,000 in one go, it currently appears to be making new higher lows. He believes that the coin may soon reach the aforementioned price again, urging investors to hold onto the price level of around $66,500. Therefore, he advises the crypto community and traders to remain patient as the much-anticipated Bitcoin halving is around the corner.

Jelle stressed that Bitcoin’s all-time high will not happen overnight. The analyst said that each ATH breakout in the past few years has been preceded by a period of decline. As a result, many people tend to lose hope in crypto assets, prompting them to stop investing in Bitcoin. Jelle claims that we are witnessing the same thing happening again given BTC’s recent performance.

Drawing attention to the bullish pennant pattern, Jelle says that Bitcoin currently appears to be preparing to break out of this area. This is due to a strong rebound from the 4-hour exponential moving average (EMA) 200, which has now reached higher lows. Based on developments, the crypto expert expects the breakout to occur in the coming weeks.

In the next 15 days, the Bitcoin halving event is expected to take place. Given its past impact on BTC prices, Crypto Jelle’s prediction may come true sooner than expected.

While the community hopes that the halving event will boost prices, crypto expert Lark Davis points to two other events that could have a significant impact on the asset, affirming BTC’s bull run.

These include the US elections scheduled for November and the Federal Reserve’s rate cuts. Davis believes that these events are just as important as the halving event as they will further fuel the bull run.