Originally published on: October 28, 2024
After hitting an all-time high above $73,800, Bitcoin’s price has been consolidating in a range between $53,000 and $72,000. However, experts believe that this consolidation phase may be coming to an end soon, with a potential breakout on the horizon.
According to technical chart patterns and various indicators, Bitcoin’s consolidation around $68,967 could be signaling a breakout in the near future. Crypto analyst Rekt Capital recently pointed out that Bitcoin is on the verge of breaking out of consolidation after a bullish weekly close on October 27.
Historically, Bitcoin has seen peaks between 518 and 550 days after halving. Despite a prolonged consolidation period post-halving, Bitcoin is still showing signs of acceleration in this cycle, according to Rekt Capital.
The anticipation of a breakout is further supported by Bitcoin’s volatility indicator, which suggests that a significant move is imminent. Analyst “The Bull” Severino highlighted the tightening Bollinger Bands conditions, indicating a potential massive move in the BTC price.
If history repeats itself, Bitcoin could soon break out of consolidation and reach unprecedented levels in the coming months. Fellow analyst CryptoCon also believes that the tightening Bollinger Bands are a strong indicator of an upcoming bull market for Bitcoin.
While this article does not provide investment advice, it is essential to conduct thorough research before making any investment or trading decisions. Stay informed and watch out for possible breakout opportunities in the Bitcoin market.
