Bitcoin's Record 92-day Consolidation Predicted to Spark Major Price Surge
Summary:
Bitcoin is currently experiencing its longest period of consolidation, lasting 92 days, following its all-time high of $73,679 on March 13. Crypto experts forecast this could result in a substantial uptrend. Observers have noted patterns similar to gold's "cup and handle" trading trajectory, indicating a 4-5 month consolidation phase is likely before a significant rise. As of now, Bitcoin’s value is at $67,413, as per CoinMarketCap data.
Bitcoin has now maintained a steady trend for an unprecedented 92 days, prompting industry experts to predict that a significant upswing could soon follow. As Crypto Trader Daan highlighted in a recent X post, typically a longer consolidation phase is followed by a greater upward expansion. This notion was echoed by Mags, who, in a post to their followers, announced that Bitcoin's current period of stabilization is the longest so far, and is likely to culminate in a robust upswing. Such periods of stabilization have previously resulted in record-breaking values. Historical data reveals the last time Bitcoin underwent significant consolidation was in 2020, for 21 days, after which Bitcoin soared to a peak of $69,000 in November 2021. Roman, another industry commentator, confirmed in a June 12 X post that Bitcoin's current stable trend is a precursor to ascendancy. Current Bitcoin data shows the cryptocurrency hit a record high of $73,679 on March 13 and has since remained within a 26% fluctuation limit, briefly reaching a low of $58,253 on May 2. At present, Bitcoin is valued at $67,413 according to CoinMarketCap data. Other crypto pundits forecast this period of steadiness extending into autumn. In May, Cointelegraph disclosed the potential for a 4-5 months consolidation phase expects, as envisioned by Capriole Investments founder Charles Edwards, whose analysis of seasonal market patterns and Bitcoin on-chain data supports this. Similar to gold's performance over the past 13 years, Bitcoin's trading trajectory appears to mimic the precious metal's "cup and handle" formation. As a reminder, this article does not offer investment guidance or recommendations. All investment decisions should be made after thorough research, to understand any possible risks involved.
Published At
6/13/2024 8:42:34 AM
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