Will Bitcoin Have A ‘Red Monday, Green Week’? Analyst Sets $63,500 Target
June 25 2024 - 4:30PM
NEWSBTC
Bitcoin (BTC) faced a sharp price drop as the last week of Q2
began. The dramatic decline saw the flagship cryptocurrency
momentarily lose its support above the $60,000 level on Monday.
Related Reading: Bitcoin Takes A Beating: Another $630 Million
Exits, Price Drops Lower The drop left many investors wondering
whether the bullish rally is over. However, crypto analysts remain
optimistic about BTC’s performance and consider the drag down to be
part of the quarterly retest. Is Bitcoin Headed For A ‘Chop
Summer’? On Tuesday, crypto analyst Jelle made a case for Bitcoin’s
bullish momentum. Amid the bearish sentiment from some community
sectors, the crypto investor believes BTC’s bull run isn’t over.
Per Jelle’s posts, Bitcoin has been holding key support levels
despite its brief fall under $60,000. Additionally, the largest
cryptocurrency by market capitalization displays a “still firmly
bullish” higher-timeframe structure. This structure exhibits BTC’s
performance consistently, making higher highs (HH) and higher lows
(HL) for the last year and a half. Per the chart, the price drop
remains a higher low than the May 1 retrace, which remains the
deepest this cycle. Jelly criticized those who send “hate” to
bullish investors, highlighting that “Bitcoin has consistently
moved higher for nearly 20 months.” He suggested that “In a bull
market, conviction pays.” Moreover, he pointed out that the
flagship cryptocurrency exhibits a bullish flag below all-time high
levels. To the analyst, this consolidation could play out similarly
to the consolidation below the $30,000 resistance range. If it were
to happen, Bitcoin would see a “chop summer” below the new key
resistance, the $74,000 ATH price, before breaking out. According
to Jelle, the breakout could cost BTC $100,000. Quarterly Retest:
‘Red Monday, Green Week’? Despite the long-term forecast, Jelle set
a $63,500 target for this week. During Monday’s drop, the analyst
stated that BTC’s performance was playing out like it was in
2016-2017. Furthermore, pointed out that Bitcoin’s key support
level of $58,000 is “doing its job” during this “quarterly
retrace.” To Jelle, BTC can “lock in a lower-timeframe higher low”
this Tuesday. As a result, the analyst considers that bulls can run
the flagship cryptocurrency to $63,500 by the end of the week.
Jelle also believes Bitcoin could surpass its weekly open, making
it a “Red Monday, Green Week.” Altcoin Sherpa also suggested that
BTC could reach the weekly open. Per the analyst, the current range
remains a “bounce region,” which could return the price to $64,000.
He expects this performance to relieve altcoins, although he
doesn’t consider it “THE bottom.” Related Reading: ‘Crypto Winter’
Arrives Early For The Altcoin Market As Venture Capital, Founder
Selloffs Mount Sherpa believes there will be more volatility before
the local bottom: “4h EMAs all bearish; expecting price to pull
back when we see it interact with them at 64kish.” To the analyst,
BTC’s local bottom will come in the next few days and could test
the May 1 retrace levels. At the time of writing, Bitcoin is
trading at $61,700, representing a 4.5% recovery from Monday’s
pullback. Featured Image from Unsplash.com, Chart from
TradingView.com
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