Bitcoin (BTC), the flagship cryptocurrency, experienced a steep price decline as Q2’s last week began. In a dramatic fall, Bitcoin (BTC) briefly dropped below the level of $60,000 on Monday.
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Investors were wondering whether or not the bullish rally had ended. Crypto analysts, however, remain positive about BTC and believe that the drop is part of the quarterly test.
Is Bitcoin Headed For A ‘Chop Summer’?
Jelle, an analyst at Jelle Crypto Research, made the case on Tuesday for Bitcoin’s upward momentum. Crypto investor Jelle believes that despite some communities’ bearish views, BTC’s bull-run is not over.
According to Jelle, Bitcoin is holding its key support levels in spite of its recent fall below $60,000. Also, Bitcoin is the most valuable cryptocurrency on market cap. “still firmly bullish” higher-timeframe structure.
The structure shows BTC’s consistent performance, with higher highs and lower lows for the past year-and-a-half. The chart shows that the drop in price remains higher than the retracement of May 1, which is still the lowest. deepest This cycle.
Jelly has criticized the senders of messages “hate” Investors who are bullish, highlight that “Bitcoin has consistently moved higher for nearly 20 months.” I suggested to him that “In a bull market, conviction pays.”
He also pointed out the fact that the cryptocurrency’s flagship exhibits an bullish The flag should be below its all-time maximum levels. This consolidation may be similar to that which occurred below the $30k resistance level.
Bitcoin’s value would be affected if it happened. “chop summer” Before breaking out, we need to stay below the key resistance of $74,000, which is the ATH (Average Target Price). Jelle believes that the BTC breakout may cost BTC $100,000.
Quarterly Retest: ‘Red Monday, Green Week’?
Jelle, in spite of the forecast for long term, set $63,500 as his goal this week. Analyst Jelle stated during Monday’s decline that BTC is performing similarly to 2016-2017.
Furthermore, pointed out Bitcoin’s support key level is $58,000 “doing its job” This is the time to get ready “quarterly retrace.” BTC to Jelle “lock in a lower-timeframe higher low” This Tuesday.
Analysts believe that the bulls could push Bitcoin to $63,500 at the end the week. Jelle believes that Bitcoin may also surpass its weekly opening, a “Red Monday, Green Week.”
Altcoin Sherpa suggested BTC may also reach the open of the week. According to the analyst, current range is a good indicator. remains A “bounce region,” Which could see the price return to $64,000. This performance is expected to alleviate altcoins although he has not considered it. “THE bottom.”
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Sherpa says there’ll be even more volatility ahead of the local bottom: “4h EMAs all bearish; expecting price to pull back when we see it interact with them at 64kish.” According to the analyst, BTC could reach the local bottom within the next couple of days. It may also test the levels seen on May 1.
Bitcoin’s price is currently $61,700. That represents a 4.5% increase from the Monday pullback.
Charts and Featured Images from TradingView.com
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Source: www.newsbtc.com
