Analysts: Bitcoin's 92-day consolidation is a prelude to a surge

Analysts: Bitcoin's 92-day consolidation is a prelude to a surge

The news comes as Bitcoin is in its longest consolidation phase ever, with its price trading within a tight range for 92 days. Some analysts believe that this consolidation indicates strong demand and that the springs are being compressed for a major breakout.

One analyst, Daan Crypto Trades, tweeted on June 11: “Generally speaking, the longer the Bitcoin consolidation period, the stronger the breakout will be.”

Another analyst, Mags, noted in the same vein: “The current consolidation of Bitcoin is longer than any previous consolidation period in its history.”

These analysts believe that despite shorter consolidation periods in previous cycles, Bitcoin has subsequently reached new highs.

“Once Bitcoin breaks out of this range,” they say, “we’ll see a massive rally.”

Bitcoin’s price chart shows that the cryptocurrency has been in a consolidation phase since reaching an all-time high of $73,679 on March 13.

During this consolidation period, Bitcoin has traded within a 26% range, briefly dipping to a low of $58,253 on May 2.

Analysts’ predictions suggest that Bitcoin’s consolidation phase could continue until September or even October.

Charles Edwards, founder of Capriole Investments, had predicted that a combination of seasonal stock and crypto market volatility, along with Bitcoin’s on-chain data, pointed to a 4-to-5-month consolidation period for the cryptocurrency.

However, some other analysts are more bullish, believing that Bitcoin could reach above $100,000 before the end of the summer.

StatisticDescriptionAdditional Information
Consolidation Period92 Days (Longest on record)Began ~April 22, 2024 (Estimated based on current date)
Analyst PredictionPotential Bullish Surge- Daan Crypto Trades is one analyst suggesting this. - More analysts may share this sentiment.
Supporting EvidenceHistorically, lengthy consolidations precede market expansions- Specific historical examples could be referenced here (if available in the source or found elsewhere).
Potential Benefits of Surge- Increased value of Bitcoin holdings - Increased interest and investment in the cryptocurrency market- Risks to Consider
Analyst Recommendations (if available in source)- Not mentioned in source, but analysts may suggest holding or strategically buying during consolidation.- Further research recommended to find specific recommendations.
Analysts: Bitcoin's 92-day consolidation is a prelude to a surge

Bitcoin is in its longest consolidation period ever, analysts say breakout rally is imminent

Bitcoin is currently in its longest consolidation period ever, with its price trading within a tight range for 92 days. Analysts believe that this extended consolidation indicates strong underlying demand and suggests that a major breakout rally is imminent.

According to Cointelegraph, pseudonymous trader Daan Crypto Trades tweeted on June 11:

Generally speaking, the longer the Bitcoin consolidation period, the stronger the breakout will be.

Another analyst, Mags, echoed this sentiment, noting:

The current consolidation of Bitcoin is longer than any previous consolidation period in its history.

They highlighted that despite shorter consolidation periods in previous cycles, Bitcoin has still managed to reach new highs. These analysts further explained:

Once Bitcoin breaks out of this range, we’ll see a massive rally.

Bitcoin’s price chart shows that the cryptocurrency has been in a consolidation phase since reaching an all-time high of $73,679 on March 13. During this consolidation period, Bitcoin has traded within a 26% range, briefly dipping to a low of $58,253 on May 2.

Analysts’ predictions suggest that Bitcoin’s consolidation phase could continue until September or even October.

Charles Edwards, founder of Capriole Investments, had predicted that a combination of seasonal stock and crypto market volatility, along with Bitcoin’s on-chain data, pointed to a 4-to-5-month consolidation period for the cryptocurrency.

However, some other analysts are more bullish, believing that Bitcoin could reach above $100,000 before the end of the summer.

Only time will tell what’s in store for Bitcoin.

Bitcoin saw a massive rally as it broke out of its current woes.

According to Nobitex, after Bitcoin halving in 2020, this digital currency entered a 21-day stabilization and then broke it on the upside. BTC finally reached the peak of $69,000 in November 2021 (1400). Another analyst named Roman wrote on June 12:

We are still in a broad consolidation range for further upside. Keep calm.

Available data shows that Bitcoin has been in a stabilization phase after reaching a peak of $73,679 on March 13 (23 March 1402) or 92 days ago.

Stabilization periods are times when the volume of Bitcoin transactions and volatility is less than usual. Since reaching the said peak, Bitcoin has traded in a range of 26% and on May 2nd (May 13th), it had briefly fallen to its lowest level of $58,253.

Analysts’ predictions suggest that BTC’s consolidation period may last at least until September (September) or even October (October). Charles Edwards, the founder of Capriole Investment Company, has previously stated that seasonal fluctuations in the stock market and digital currency market, as well as data from Bitcoin, show that it will take four to five months for this digital currency to stabilize. .

Comparing the price performance of Bitcoin to gold, Edwards emphasized that BTC appears to be following the pattern of gold 13 years ago. This pattern was a “large cup and handle” pattern and it took four years to form the cup part.

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