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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

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

Rubmar Garcia
Rubmar Garcia
10 months ago
3 mins read
BTC, Bitcoin

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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.

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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.

BTC, Bitcoin
BTC’s consolidation under the $30,000 resistance level. Source: Crypto Jelle on X

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.”

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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.

Bitcoin, BTC, BTCUSDT
BTC’s performance in the weekly chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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