In the last two weeks, the price of Bitcoin has managed to hold on to the support level of around $29,100, occasionally dropping below $29,000 in highly volatile sessions. After hitting the high of the year on July 13 following the SEC and Ripple lawsuit decision, Bitcoin has followed a downward trend, causing many investors and analysts to embrace the bearish trend in the short term.

It seems that a potential recovery is expected only after retesting an ascending trendline at the macro level. But amid this cautious outlook, some crypto analysts believe a possible revival in Bitcoin is possible in the coming days.
Crypto analyst Jelle's views on Bitcoin price action
Such an optimistic approach is expressed by crypto analyst Jelle, who suggests that Bitcoin's price action may reflect a similar fractal trading pattern after the consolidation period in November 2022. During this period, Bitcoin gained in value by experiencing a significant breakout of $30,000.
Jelle thinks that if the current price action continues to follow this fractal structure, another major breakout could occur over the weekend. In the short term, Jelle predicts that Bitcoin could break past the old resistance level and reach the $32,800 level. However, it is important to note that this scenario may not be viable if the downtrend continues in the coming days.
Medium long-term outlook: Halving effect expected
In the medium to long term, Jelle predicts that the Bitcoin price will experience consolidation until the "halving" event next year. In the past, such halving events have triggered major crypto bull rallies. Therefore, Jelle believes that this event could be the catalyst for the next big price increase in the cryptocurrency market.
In this uncertain period, Jelle emphasizes that any Bitcoin purchase below $30,000 has the potential to yield profitable returns for years to come. This recommendation is valid for investors who see the opportunity to buy Bitcoin at a low price with tax advantage in current market conditions from a long-term perspective.
As a result, Bitcoin's resistance at the $29,100 support level and the divergent opinions of analysts cause the cryptocurrency market to remain uncertain. Some traders remain bearish in the short term, while others like Jelle remain more optimistic, pointing to possible breakouts and long-term gains.
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