New analysis predicts that a monthly closing of Bitcoin price above $69K would be ‘epic’

Bitcoin (
BTC
) will not experience a significant breakthrough until it surpasses its previous all-time high from 2021, according to Keith Alan, co-founder of trading resource Material Indicators. Alan identified $69,000 as the crucial price level that BTC needs to overcome. Despite Bitcoin’s positive performance in May, it has been unable to revisit its previous all-time highs and continue its upward trajectory. Alan explained that the current resistance at $69,000 needs to be transformed into support in order for Bitcoin to establish a new price range. He emphasized that a monthly close above or below $69,000 will indicate whether Bitcoin is entering the next phase of growth or if it will continue to consolidate in its current range. Some experts believe that consolidation will persist in line with Bitcoin’s historical price behavior after a block subsidy halving event. Despite a recent failed attempt to sustain above $69,000, Alan remains unfazed and is not concerned about the rejection. At the time of writing, BTC/USD was trading at approximately $67,900. On a positive note, Bitcoin is on track to have its best May performance in four years, with a 12% increase in value. However, Bitcoin’s overall performance in Q2 is still down compared to its significant gains in Q1. It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.