Will Bitcoin Have A ‘Red Monday, Green Week’? Analyst Sets $63,500 Target

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As a seasoned cryptocurrency analyst with extensive experience in the market, I’ve seen my fair share of price drops and subsequent recoveries in Bitcoin (BTC). The recent decline below $60,000 was a cause for concern for many investors, but I believe this is just another quarterly retest.

During the final week of the second quarter, Bitcoin (BTC) experienced a significant price decrease. On Monday, it temporarily dipped below the $60,000 mark, losing its backing at this crucial level.

As a researcher studying the cryptocurrency market, I’ve noticed that recent price drops have left some investors feeling uncertain about the bullish rally. However, from my analysis of Bitcoin (BTC), I believe these downturns are simply part of the regular quarterly tests that occur in this market. Crypto analysts and I remain optimistic about BTC’s long-term performance.

Is Bitcoin Headed For A ‘Chop Summer’?

On Taylor’s explanation on a recent Tuesday, cryptocurrency analyst Jelle expressed optimism regarding Bitcoin’s continuing bullish trend. Despite pessimistic views from certain circles within the community, Jelle remains convinced that Bitcoin’s bull market has not yet reached its conclusion.

According to Jelle’s latest updates, Bitcoin has managed to hold crucial support despite momentarily dipping below $60,000. Furthermore, its overall structure on longer timeframes remains robustly bullish.

As a crypto investor, I’ve noticed that Bitcoin’s price action has been consistently making new highs and higher lows over the past year and a half. According to the chart, the recent price drop represents a higher low than the May 1 retrace, which was the lowest point in this market cycle so far.

Jelly spoke out against those casting hate towards bold investors in Bitcoin, reminding us of the digital currency’s impressive ascent for almost two years straight. In the context of a bull market, he advocated for strong convictions.

Additionally, he noted that Bitcoin’s behavior resembles a “bullish flag” pattern at its peak levels. This pattern in chart analysis is analogous to the consolidation observed beneath the $30,000 barrier for the analyst.

Should Bitcoin experience such an event, it might encounter a “correctional summer” under the recently established peak resistance at $74,000 – the all-time high price. Jelle’s prediction indicates that a breakout could potentially lead to a $100,000 increase in value.

Quarterly Retest: ‘Red Monday, Green Week’?

As a researcher studying the cryptocurrency market, I’ve set a goal of $63,500 for myself this week, regardless of the long-term projection. On Monday, an analyst pointed out some striking similarities between Bitcoin’s current performance and the market conditions during the 2016-2017 bull run.

As a researcher studying the cryptocurrency market, I’ve noticed that Bitcoin’s crucial support level of $58,000 has been effective during this recent quarterly correction. In my opinion, Bitcoin could establish a lower-timeframe higher low on Tuesday.

Based on their analysis, the price of Bitcoin might reach $63,500 by the week’s end. According to Jelle’s perspective, this could result in Bitcoin exceeding its weekly opening price, leading to a “Green Week” following a potentially red opening day.

According to Altcoin Sherpa’s analysis, Bitcoin (BTC) may hit its weekly opening price, currently around $64,000. The expert considers the current price range as a “bounce zone,” which could lead to another price increase. However, he does not believe this marks the definitive bottom for BTC or altcoins.

According to Sherpa’s perspective, there may be increased market fluctuations prior to reaching the local minimum: “The 4-hour Exponential Moving Averages (EMAs) indicate bearish trends; anticipating a price correction upon encounter with these averages around 64,000.” In contrast, the analyst is of the opinion that Bitcoin’s local bottom is imminent within the next few days and could potentially touch upon the May 1 retracement levels.

Currently, Bitcoin is priced at $61,700 during this writing session, marking a 4.5% bounce back from the dip it experienced on Monday.

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2024-06-26 00:41