As a seasoned analyst with over two decades of experience in the financial markets under my belt, I find myself intrigued by the current consolidation phase Bitcoin (BTC) is going through. Having witnessed market cycles and trends across various asset classes, I must say that the technical chart patterns and indicators suggest that we might be on the cusp of a significant breakout for BTC.
After reaching an all-time peak of over $73,800, the price of Bitcoin (BTC) has since stabilized in a broad span, fluctuating between approximately $53,000 and $72,000.
It seems that based on technical analysis using chart patterns and indicators, Bitcoin’s period of consolidation might be wrapping up, potentially leading to a significant price increase.
Bitcoin price consolidation sets up “more bullish outcome”
Based on the analysis by well-known cryptocurrency expert Rekt Capital, there’s a possibility that Bitcoin may soon break free from its current consolidation phase following a bullish weekly closure on October 27.
In a recent analysis dated October 27th, Rekt Capital suggested that Bitcoin could soon surpass the $67,900 mark in its weekly closing price.
Information from CryptoMoon Markets Pro and TradingView indicates that Bitcoin’s strong price trend from October 26th to October 27th resulted in a weekly closing price of $67,938. This significant increase is considered a “favorable outcome” by Rekt Capital.
“Bitcoin is once again getting very close to positioning itself for the more bullish outcome.”
Previously, it’s been observed that the highest point for Bitcoin typically occurs between 518 and 550 days following a halving event, as discussed by Rekt Capital in a prior post.
Despite the long post-halving consolidation period, “Bitcoin is still accelerating in this cycle by approximately 35 days or so,” the analyst added.
“So the longer Bitcoin consolidates after the Halving, the better it will be for resynchronising this current cycle with the traditional Halving cycle.”
BTC price consolidation ending — Bollinger Bands
The possibility that Bitcoin’s price could surge remains in the air, hinted at by its volatility index.
According to Bitcoin analyst “The Bull” Severino, when the conditions within Bollinger Bands narrow over a two-week period, it suggests that a substantial and potentially dramatic shift or movement may be on the horizon.
Right now, the width of the Bollinger Bands, a well-known indicator for volatility and momentum, is among the narrowest three instances ever recorded in history.
As per the data displayed in the chart, the Bollinger Bands had last been as narrow only twice over a two-week period – in October 2023 and September 2015.
In October 2023, the Bitcoin-to-U.S. dollar exchange rate (BTC/USD) started climbing from roughly $26,500 and surged approximately 180% to reach a new peak of $73,835 in March 2024.
Back in September 2015, there was a period before Bitcoin’s price skyrocketed approximately 8,300%, reaching its peak of nearly $20,000 in 2017.
History tends to repeat itself, so it’s plausible that Bitcoin might burst free from its current pattern and reach unprecedented heights within the coming months.
Fellow analyst CryptoCon shared a similar sentiment, explaining that the tightening two-week Bollinger Bands suggested that the Bitcoin bull market is next.
In a recent post about X, CryptoCon mentioned that this period is among the lengthiest durations found within the Low Volatility Zone of the Weekly Bollinger Bands’ span.
“The longer the consolidation, the more the upside.”
Read More
- DYM PREDICTION. DYM cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- Top gainers and losers
- SKEY PREDICTION. SKEY cryptocurrency
- ETH CAD PREDICTION. ETH cryptocurrency
- BNB PREDICTION. BNB cryptocurrency
2024-10-28 14:31