Originally published on: October 28, 2024
Bitcoin’s price has been stagnant within the range of $53,000 to $72,000 since its peak above $73,800. However, analysts suggest that this period of consolidation may soon come to an end, with a potential breakout on the horizon.
Crypto analyst Rekt Capital points out that Bitcoin is close to breaking out of its consolidation phase after achieving a bullish weekly close above $67,900. This positive price action indicates a possible upward trend in the near future.
Historically, Bitcoin has peaked between 518 and 550 days after halving, and despite the prolonged consolidation period, it is still on track with previous cycles. Analysts anticipate a significant move in Bitcoin’s price soon, as indicated by the tightening Bollinger Bands in the two-week timeframe.
“The Bull” Severino notes that the Bollinger Bands are currently among the three tightest instances in history, suggesting a major price movement on the horizon. Past instances of such tightness in the Bands have preceded substantial rallies in Bitcoin’s price.
If history repeats itself, Bitcoin could see unprecedented levels in the coming months. Analysts like CryptoCon also believe that the prolonged consolidation period indicates a strong bullish trend ahead.
While this article does not provide investment advice, it highlights the potential for a breakout in Bitcoin’s price in the near future. Investors should conduct their own research and analysis before making any financial decisions. Stay tuned for more updates on Bitcoin’s price outlook.
