📉🚀 Bitcoin Faces Volatility: Analysts Optimistic Despite Pullback 🚀📉
Bitcoin (BTC) encountered a sharp price drop as the final week of Q2 kicked off, briefly slipping below the crucial $60,000 support level on Monday. This dramatic decline sparked concerns among investors about the durability of the recent bullish rally.
Despite the pullback, crypto analysts maintain optimism regarding BTC's long-term performance, viewing the drop as a necessary quarterly retest. Analyst Jelle argues that Bitcoin remains firmly bullish on higher timeframes, consistently forming higher highs (HH) and higher lows (HL) over the past eighteen months. He points out that the recent price drop constitutes a higher low compared to the significant retracement observed on May 1st.
Jelle criticizes bearish sentiments directed at bullish investors, emphasizing Bitcoin's upward trajectory over nearly two years. He suggests that conviction in a bull market pays off, particularly noting a bullish consolidation pattern near all-time high levels. According to Jelle, this consolidation phase, dubbed a potential "chop summer," could precede a breakout above the $74,000 ATH to potentially reach $100,000.
Looking ahead, Jelle sets a short-term target of $63,500 for Bitcoin, expecting bullish momentum to prevail throughout the week. He likens Bitcoin's current market behavior to patterns observed in 2016-2017, underscoring the resilience of key support levels around $58,000 during this quarterly retracement phase.
Altcoin Sherpa adds that Bitcoin's current price range acts as a bounce region, projecting a potential return to $64,000, which could alleviate pressure on altcoins. Despite cautioning about ongoing volatility and anticipating a pullback, Sherpa believes Bitcoin's local bottom is near and may test levels seen during the May 1st retracement.
As of the latest update, Bitcoin is trading at $61,700, marking a 4.5% recovery from Monday's lows.
