Crypto analyst James Check believes Bitcoin has more upside potential. However, he warns of an “escape velocity” that could cause a price drop.
What is Escape Velocity?
Escape velocity is the minimum speed needed to overcome Earth’s gravity and escape its pull.
Bitcoin’s Escape Velocity
Check suggests Bitcoin hasn’t reached its “euphoric escape velocity” yet. This means it hasn’t reached a point where its price is unlikely to fall below a critical level like $70,000.
Check believes this is a good sign, indicating the market isn’t overheated or saturated.
Breaking $73,000
Breaking above $73,000 could trigger a wave of sell-offs from short-term holders, causing a price decline.
However, it could also lead to an “escape velocity phase shift,” where Bitcoin’s price surges. This level is significant as it’s close to Bitcoin’s current all-time high.
Inverse Head-and-Shoulder Pattern
Crypto analyst Crypto Jebb notes an inverse head-and-shoulder pattern on Bitcoin’s chart. If it breaks above $73,800, there’s a high likelihood of a rise to $100,000.
New Wave of Demand
Check observes early signs of a new wave of demand for Bitcoin. Spot Bitcoin ETFs have reversed from net outflows to net inflows, indicating increased investor interest.
Check’s Bullish Outlook
Check is optimistic about Bitcoin’s future. He believes it’s emerging from a period of consolidation and could set a new all-time high.
