As Bitcoin (BTC) attempts to reclaim the $84,000 barrier again, the flagship crypto risks closing the Month in red numbers. Some analysts suggest that BTC\u2019s Q2 performance could mimic its 2017 rally.<\/p>\n
A week ago, Bitcoin saw a star-of-week pump to retest the $88,000-$89,000 resistance zone. The flagship cryptocurrency surged to a two-week high of $88,765, hovering between the $85,000 to $88,000 price range for most of the week.<\/p>\n
However, as the weekend approached, BTC lost its range, falling to $84,000 on Friday and continuing<\/a> to dip over the next two days. Bitcoin saw an 8.2% weekly drop during the early Monday hours, hitting $81,278 before recovering.<\/p>\n After hitting its lowest price in two weeks, the largest crypto by market capitalization bounced from the range lows, nearing the key $84,000 barrier again. This zone has been a crucial resistance<\/a> level since Bitcoin lost its post-November breakout range a month ago.<\/p>\n Since then, BTC has failed to maintain this level for significant periods. Amid the market correction, trader Daan Crypto Trades noted<\/a> that Bitcoin has created another CME Gap, becoming the fifth consecutive week that a gap has been created due to price movement during the weekend, with all the previous ones being closed \u201crelatively quickly.\u201d<\/p>\n This week\u2019s CME gap, between $82,500 and $84,100, was almost filled after this morning\u2019s rally. However, analyst Rekt Capital pointed<\/a> out, \u201cBTC will need to rally more than that to try to seriously challenge for a reclaim of the recently lost Higher Low,\u201d at around $85,000.<\/p>\n Ted Pillows suggested BTC\u2019s performance could see a Q2 recovery based on its 2017 price action. The analyst highlighted that during US president Donald Trump\u2019s first term, Bitcoin\u2019s \u201creal rally\u201d didn\u2019t start until 2017\u2019s second quarter.<\/p>\n Per the post, \u201cBTC\u2019s real gains during Trump\u2019s first presidency started after Q1 2027. For the first two months, BTC just consolidated in a range similar to now.\u201d Then, it started to gain momentum in April, pumping from $1,400 to $20,000 until December 2017.<\/p>\n Ted considers that if Bitcoin continues to follow its 2017 path, it could see a massive rally toward a new all-time high (ATH) later this year. It\u2019s worth noting that Q2 has historically been mostly favorable for BTC, CoinGlass data shows.<\/p>\n Meanwhile, Rekt Capital also suggested<\/a> that Bitcoin will likely continue consolidating a little bit longer after the recent price correction. The analyst pointed out that BTC failed to confirm its breakout from its triangular market structure.<\/p>\nBTC To Consolidate For Longer?<\/h2>\n