Bitcoin Recovers Strongly After Rollercoaster Week: Analysts Forecast Bullish Future

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As the last week of the second quarter got underway, Bitcoin, the path-breaking and marquee leader of cryptocurrencies, was dealt a steep price plunge. On Monday, Bitcoin’s descent was so dramatic that it momentarily lost its foothold above the secure $60,000 mark, sending waves of concern through the investment community. The precipitous dip left many speculators questioning whether the seemingly indefatigable bullish rally was coming to a premature end.

Cryptocurrency analysts, however, stood undeterred in their optimism about Bitcoin’s performance trajectory, viewing the significant dip as a routine part of the quarterly appraisal.

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Esteemed crypto analyst Jelle, taking the stage on Tuesday, ardently defended Bitcoin’s bullish momentum. Even against a mounting bearish sentiment emanating from some quarters of the community, Jelle remained unflinching in his belief that Bitcoin’s bull run was far from its curtain call.

In a series of posts designed to assert Bitcoin’s resilience, Jelle drew attention to its ability to hold critical support levels in the face of its brief nosedive under the $60,000 mark. He highlighted the fact that Bitcoin, which remains the largest cryptocurrency by market capitalization, continued to exhibit a higher-timeframe structure that was “still firmly bullish”.

Jelle presented concrete evidence by pointing to Bitcoin’s consistent track record of generating higher highs and higher lows over the course of the past year and a half. The chart put forth by him suggested that the recent price drop was merely a higher low when compared to the more intense retrace recorded on May 1 in the ongoing cycle.

Taking an unflinching stand against those who attempt to undermine bullish investors with their vitriol, Jelle pointed out that Bitcoin has consistently moved higher for nearly 20 months. He quipped, “In a bull market, conviction pays.”

Bitcoin’s stubborn bullish flag below all-time high levels did not escape Jelle’s notice. He predicted similar play out patterns to earlier consolidation efforts below the $30,000 resistance range. If this were to occur, Bitcoin could potentially experience a ‘Chop Summer’ under the newly identified key resistance which currently resides at the $74,000 all-time high price. Indeed, Jelle went a step further suggesting that breaking out could catapult Bitcoin to a staggering cost of $100,000.

In contrast to his long-term forecasts, Jelle hypothesised a more modest target of $63,500 for the ensuing week, contending that Bitcoin’s recent performance echoed the trends witnessed during the 2016-2017 period.

Further bolstering his argument, Jelle referred to Bitcoin’s key support level of $58,000 which appears to be “doing its job” during the ongoing “quarterly retrace.” According to him, Bitcoin has every potential to “lock in a lower-timeframe higher low” by end of Tuesday.

As a consequence, Jelle believes that the bulls could rally to drive Bitcoin all the way to $63,500 by week’s end. He also suggested that Bitcoin could eclipse its weekly open, transforming an initially “Red Monday” into quite a “Green Week.”

Analyst Altcoin Sherpa echoed these sentiments, also expressing optimism that Bitcoin could reach the weekly open. Given the present range, Sherpa identified it as a “bounce region,” which could potentially thrust the price back up to $64,000.

Sherpa did add that he expects more volatility in days to come, with Bitcoin’s local bottom being tested in the forthcoming days against the May 1 retrace levels.

At the time of this report, Bitcoin is trading at a reassuring $61,700, reflecting a solid 4.5% recovery from Monday’s underwhelming performance.