Bitcoin (BTC) will not experience a “sustainable breakout” until it surpasses its previous all-time high from 2021, according to Keith Alan, co-founder of trading resource Material Indicators. Alan identifies $69,000 as the crucial price level for BTC to overcome. He explains that turning $69,000 from resistance to support will determine whether Bitcoin is ready to continue its upward trend or consolidate within its current range. Alan emphasizes that resistance at this level should come as no surprise, considering the sell-side liquidity on order books. Despite recent failed attempts to sustain above $69,000, Alan remains unfazed and confident in Bitcoin’s potential. Currently, BTC is trading around $67,900 and is on track to have its best May in four years, with a potential 12% increase for the month. However, Bitcoin’s overall performance in the second quarter remains down compared to its significant gains in the first quarter. As always, readers should conduct their own research and exercise caution when making investment decisions.
New analysis predicts an 'epic' scenario if Bitcoin price surpasses $69K monthly closing