Bitcoin (BTC) experienced a significant price drop at the start of the last week of Q2. The drop saw the cryptocurrency briefly dip below the $60,000 level before recovering slightly. This sudden decline left investors questioning whether the recent bullish rally is coming to an end. However, crypto analysts remain optimistic about the long-term performance of BTC, viewing the drop as a normal part of the quarterly retest process.
Despite the bearish sentiment from some sectors of the community, crypto analyst Jelle believes that Bitcoin’s bullish momentum is still intact. Jelle pointed out that Bitcoin has been holding key support levels and maintains a bullish higher-timeframe structure, consistently making higher highs and higher lows over the past year and a half. He criticized those who doubt bullish investors, emphasizing that Bitcoin has been moving higher for nearly 20 months in a bull market.
Jelle highlighted that Bitcoin is currently consolidating below all-time high levels, suggesting that a breakout could potentially lead to a significant price increase. The analyst mentioned the possibility of a “chop summer,” with Bitcoin experiencing consolidation below the $74,000 all-time high price before breaking out. According to Jelle, the breakout could push BTC to $100,000, indicating a bullish outlook for the cryptocurrency.
Despite the short-term price drop, Jelle set a target of $63,500 for Bitcoin for the week. He compared BTC’s current performance to its behavior in 2016-2017 and noted that the cryptocurrency’s key support level of $58,000 was holding up during the quarterly retrace. Jelle anticipated that Bitcoin could reach $63,500 by the end of the week, potentially surpassing its weekly open and resulting in a “Red Monday, Green Week” scenario.
Altcoin Sherpa also shared a positive outlook for Bitcoin, suggesting that the cryptocurrency could reach the weekly open and potentially bounce back to $64,000. The analyst predicted more volatility in the market before reaching a local bottom, emphasizing bearish indicators on the 4-hour EMAs. Sherpa believed that BTC’s local bottom could be tested in the next few days and might retrace to the levels seen on May 1.
As of the time of writing, Bitcoin is trading at $61,700, representing a 4.5% recovery from Monday’s pullback. Despite the recent volatility, analysts like Jelle and Altcoin Sherpa remain optimistic about Bitcoin’s long-term prospects, expecting the cryptocurrency to continue its bullish momentum and potentially reach new all-time highs in the future. Investors are advised to closely monitor Bitcoin’s price movements in the coming days to capitalize on potential opportunities in the market.
