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Bitcoin (BTC) faced a sharp price decline at the start of the final week of the second quarter. The significant decline led to the major cryptocurrency temporarily losing support above the $60,000 level on Monday.
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This decline has left many investors wondering if the bull run is over. However, cryptocurrency analysts remain optimistic about Bitcoin’s performance and consider the downward pullback to be part of the quarterly retest.
Is Bitcoin heading into “summer”?
On Tuesday, cryptocurrency analyst Jelly made an argument for Bitcoin’s bullish momentum. Amid bearish sentiment from some sectors of society, cryptocurrency investors believe that BTC’s bull run is far from over.
According to Jelly Post, Bitcoin held key support levels despite briefly falling below $60,000. In addition, the largest cryptocurrency by market cap displays a “still strong bullish” time structure.
This structure shows BTC’s performance consistently, achieving higher highs (HH) and higher lows (HL) over the past year and a half. According to the chart, the price decline remains at a lower level above the May 1 correction, which remains the level deeper This course.
Gilley criticized those who send “hate” to bullish investors, highlighting that “Bitcoin has been rising continuously for almost 20 months.” “In a bull market, conviction pays off,” he suggested.
Furthermore, he noted that the flagship cryptocurrency shows a rising Science is at an all-time high. For the analyst, this consolidation could occur similarly to a consolidation below the $30,000 resistance band.
If that happens, Bitcoin will experience a “summer of choppy” below the new major resistance, the $74,000 ATH price, before the breakout. According to Gilley, the hack could cost $100,000 in Bitcoin.
Quarterly Retest: “Red Monday, Green Week”?
Despite the long-term outlook, Geely set a target of $63,500 for the week. During Monday’s decline, the analyst stated that Bitcoin was performing about the same as it was in 2016-2017.
In addition to, pointed out Bitcoin’s key support level of $58,000 is “doing its thing” during this “quarterly correction.” According to Jelle, Bitcoin could “secure a higher bottom on the lower time frame” on Tuesday.
As a result, the analyst believes that the bulls could push the major cryptocurrency to $63,500 by the end of the week. Gilley also believes that Bitcoin could surpass its weekly open, making it a “Red Monday and Green Week.”
Altcoin Sherpa also suggested that BTC could reach the weekly open. According to the analyst, the current range remains “Retracement zone” which could take the price back to $64,000. He expects this performance to reduce the importance of altcoins, although he does not consider them a “bottom.”
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Sherpa believes there will be more volatility before Local bottom: “The 4-hour moving average is all bearish; We expect the price to pull back when we see it interacting with them at 64 Ksh.” For the analyst, the local bottom for Bitcoin will come in the next few days and it may test correction levels on May 1st.
At the time of writing, Bitcoin is trading at $61,700, representing a 4.5% rebound from Monday’s decline.
Featured image from Unsplash.com, chart from TradingView.com
