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Analyst Reveals Reasons Why Bitcoin Price Cannot Surpass $72K

Bitcoin went through an 87-day sideways period and failed to break out of $72k. So what is the main reason for this?

Bitcoin has struggled to surpass its all-time high price reached in March of more than $73,000. After hitting this record, the BTC price dropped to $60,000 but recovered significantly, although it failed to surpass $72,000.

Bitcoin then dropped again to $56,000 but recovered and attempted to exceed the previous ATH. However, all efforts failed. This week, Bitcoin failed once again as it tried to surpass $72,000.

At the time of writing, Bitcoin is moving sideways around $69,500 after a failed breakout of the $72,000 mark on Thursday.

The reason why Bitcoin cannot break through the $72,000 mark?

Recently, famous analyst Gert van Lagen offered a perspective that explains why. According to him, long-term Bitcoin holders have been and is distributing BTC to new investors, especially those investing through ETFs.

This distribution model has historically led to volatility and subsequent price discovery, which suggests that BTC is preparing to enter its next bearish phase.

On the other hand, analyst Mags emphasize prolonged sideways phase which Bitcoin is currently experiencing near all-time highs. Mags notes that the current sideways period is 87 days.

According to him, this will continue and become the longest sideways period in Bitcoin history, surpassing the 48-day sideways period observed in 2017 and the 21-day period in 2020.

In particular, analysis suggests that if Bitcoin can overcome the sideways period, we can completely witness a explosive price increase for this world-leading asset.

Finally, these Reasons why Bitcoin cannot overcome the $72,000 barrier can be due to a variety of factors, including market dynamics, investor sentiment, and interactions between long-term holders and new market entrants.

When will the Bitcoin peak be seen? Bitfinex analysts have made a statement!

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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