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.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.
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.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.