{"id":626343,"date":"2024-06-25T21:30:55","date_gmt":"2024-06-25T21:30:55","guid":{"rendered":"https:\/\/wncen.com\/?p=626343"},"modified":"2024-06-25T17:46:19","modified_gmt":"2024-06-25T17:46:19","slug":"will-bitcoin-have-a-red-monday-green-week-analyst-sets-63500-target","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/will-bitcoin-have-a-red-monday-green-week-analyst-sets-63500-target\/","title":{"rendered":"Will Bitcoin Have A \u2018Red Monday, Green Week\u2019? Analyst Sets $63,500\u00a0Target"},"content":{"rendered":"

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.<\/p>\n

Related Reading: Bitcoin Takes A Beating: Another $630 Million Exits, Price Drops Lower<\/a><\/div>\n

The drop left many investors wondering whether the bullish rally is over. However, crypto analysts remain optimistic about BTC\u2019s performance and consider the drag down to be part of the quarterly retest.<\/p>\n

Is Bitcoin Headed For A \u2018Chop Summer\u2019?<\/h2>\n

On Tuesday, crypto analyst Jelle made a case for Bitcoin\u2019s bullish momentum. Amid the bearish sentiment from some community sectors, the crypto investor believes BTC\u2019s bull run isn\u2019t over.<\/p>\n

Per Jelle\u2019s posts, Bitcoin has been holding key support levels despite its brief fall under $60,000. Additionally, the largest cryptocurrency by market capitalization displays a \u201cstill firmly bullish\u201d higher-timeframe structure.<\/p>\n

This structure exhibits BTC\u2019s 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<\/a> this cycle.<\/p>\n

Jelly criticized those who send \u201chate\u201d to bullish investors, highlighting that \u201cBitcoin has consistently moved higher for nearly 20 months.\u201d He suggested that \u201cIn a bull market, conviction pays.\u201d<\/p>\n

Moreover, he pointed out that the flagship cryptocurrency exhibits a bullish<\/a> flag below all-time high levels. To the analyst, this consolidation could play out similarly to the consolidation below the $30,000 resistance range.<\/p>\n

\"BTC,
BTC\u2019s consolidation under the $30,000 resistance level. Source: Crypto Jelle on X<\/a><\/figcaption><\/figure>\n

If it were to happen, Bitcoin would see a \u201cchop summer\u201d below the new key resistance, the $74,000 ATH price, before breaking out. According to Jelle, the breakout could cost BTC $100,000.<\/p>\n

Quarterly Retest: \u2018Red Monday, Green Week\u2019?<\/h2>\n

Despite the long-term forecast, Jelle set a $63,500 target for this week. During Monday\u2019s drop, the analyst stated that BTC\u2019s performance was playing out like it was in 2016-2017.<\/p>\n

Furthermore, pointed out<\/a> that Bitcoin\u2019s key support level of $58,000 is \u201cdoing its job\u201d during this \u201cquarterly retrace.\u201d To Jelle, BTC can \u201clock in a lower-timeframe higher low\u201d this Tuesday.<\/p>\n

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 \u201cRed Monday, Green Week.\u201d<\/p>\n

Altcoin Sherpa also suggested that BTC could reach the weekly open. Per the analyst, the current range remains<\/a> a \u201cbounce region,\u201d which could return the price to $64,000. He expects this performance to relieve altcoins, although he doesn\u2019t consider it \u201cTHE bottom.\u201d<\/p>\n

Related Reading: \u2018Crypto Winter\u2019 Arrives Early For The Altcoin Market As Venture Capital, Founder Selloffs Mount<\/a><\/div>\n

Sherpa believes there will be more volatility before the local bottom<\/a>: \u201c4h EMAs all bearish; expecting price to pull back when we see it interact with them at 64kish.\u201d To the analyst, BTC\u2019s local bottom will come in the next few days and could test the May 1 retrace levels.<\/p>\n

At the time of writing, Bitcoin is trading at $61,700, representing a 4.5% recovery from Monday\u2019s pullback.<\/p>\n

\"Bitcoin,
BTC\u2019s performance in the weekly chart. Source: BTCUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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. Related Reading: Bitcoin Takes A Beating: Another $630 Million Exits, Price Drops Lower The drop left many investors wondering whether the bullish rally is over. However, crypto analysts remain optimistic about BTC\u2019s performance and consider the drag down to be part of the quarterly retest. Is Bitcoin Headed For A \u2018Chop Summer\u2019? On Tuesday, crypto analyst Jelle made a case for Bitcoin\u2019s bullish momentum. Amid the bearish sentiment from some community sectors, the crypto investor believes BTC\u2019s bull run isn\u2019t over. Per Jelle\u2019s posts, Bitcoin has been holding key support levels despite its brief fall under $60,000. Additionally, the largest cryptocurrency by market capitalization displays a \u201cstill firmly bullish\u201d higher-timeframe structure. This structure exhibits BTC\u2019s 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 \u201chate\u201d to bullish investors, highlighting that \u201cBitcoin has consistently moved higher for nearly 20 months.\u201d He suggested that \u201cIn a bull market, conviction pays.\u201d 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 \u201cchop summer\u201d 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: \u2018Red Monday, Green Week\u2019? Despite the long-term forecast, Jelle set a $63,500 target for this week. During Monday\u2019s drop, the analyst stated that BTC\u2019s performance was playing out like it was in 2016-2017. Furthermore, pointed out that Bitcoin\u2019s key support level of $58,000 is \u201cdoing its job\u201d during this \u201cquarterly retrace.\u201d To Jelle, BTC can \u201clock in a lower-timeframe higher low\u201d 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 \u201cRed Monday, Green Week.\u201d Altcoin Sherpa also suggested that BTC could reach the weekly open. Per the analyst, the current range remains a \u201cbounce region,\u201d which could return the price to $64,000. He expects this performance to relieve altcoins, although he doesn\u2019t consider it \u201cTHE bottom.\u201d Related Reading: \u2018Crypto Winter\u2019 Arrives Early For The Altcoin Market As Venture Capital, Founder Selloffs Mount Sherpa believes there will be more volatility before the local bottom: \u201c4h EMAs all bearish; expecting price to pull back when we see it interact with them at 64kish.\u201d To the analyst, BTC\u2019s 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\u2019s pullback. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":604954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11434,11680,678,679,88505,1119,78790,26263,10923],"class_list":["post-626343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analyst","tag-bitcoin-bullish","tag-bitcoin-prediction","tag-bitcoin-price","tag-bitcoin-retrace","tag-btc","tag-btcusdt","tag-crypto-analyst","tag-crypto-market"],"acf":[],"yoast_head":"\nWill Bitcoin Have A \u2018Red Monday, Green Week\u2019?<\/title>\n<meta name=\"description\" content=\"Despite the recent quarterly test, investors remain bullish on Bitcoin. 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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. 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\u2019t 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\u2019s 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\u2019s 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 \u00ad\u2013or 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\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 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 \u2013hers or stray. 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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. 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\u2019t 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\u2019s 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\u2019s 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 \u00ad\u2013or 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\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 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 \u2013hers or stray. 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