Fun

Bitcoin 92-day consolidation is setting up a ‘massive’ rally — Traders

News Feed - 2024-06-13 02:06:34

Ciaran Lyons3 hours agoBitcoin 92-day consolidation is setting up a ‘massive’ rally — TradersBitcoin is now trading in its “longest” consolidation period, but the longer the consolidation, the “larger the expansion,” according to traders.3202 Total views16 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin has been in its longest period of consolidation now for 92 days and counting, and analysts believe the extended steadiness could be setting the asset up for a “massive upside rally.”


“Generally, the longer a consolidation, the larger the expansion afterward,” pseudonymous crypto trader Daan Crypto Trades wrote in a June 11 X post.


“Out of all consolidations, the current one is the longest,” Mags told their 79,500 X followers on a June 9 post.


“Once price breaks out of this consolidation range, we are going to witness a massive upside rally,” they added, noting that there were shorter periods of consolidation in previous cycles that still led to new all-time highs.Bitcoin consolidation periods across the four-year cycles. Source: Mag


In a previous cycle after the 2020 Bitcoin halving, there was a 21-day consolidation period before Bitcoin (BTC) broke out, eventually breaching an all-time high at the time of $69,000 in November 2021.


“We’re still in a large consolidation range for higher. Take a deep breath,” Roman wrote in a June 12 X post.


Bitcoin data from this year shows BTC has been in a consolidation phase since it hit its all-time high of $73,679 on March 13, or 92 days ago.


Consolidation periods refer to times when Bitcoin’s trading volume and volatility are lower than usual. Since reaching all-time highs, Bitcoin has traded within a tight 26% range, briefly dropping to its lowest point of $58,253 on May 2.


Bitcoin is currently trading at $67,413, according to CoinMarketCap data.


Related:Analyst targets $91.5K Bitcoin next despite Fed’s ‘hawkish tone’


Previous forecasts by crypto analysts suggest that the consolidation period could extend until at least September or even October.


On May 16, Cointelegraph reported that Capriole Investments founder Charles Edwards, stock and crypto market seasonality, along with Bitcoin onchain data, suggest that Bitcoin’s price could consolidate for four to five months.


Likening BTC’s price action to gold, which formed a “massive cup and handle” pattern over the last 13 years, with the “cup” lasting four years, Edwards noted how Bitcoin appears to show the same chart pattern.


Magazine: SocialFi boosts game revenue, Axie Infinity creator wants to ditch Discord: Web3 Gamer


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Bitcoin Analysis# AdoptionAdd reaction

News Feed

How to get all ERC-20 tokens owned by an address
Dilip Kumar Patairya9 hours agoHow to get all ERC-20 tokens owned by an addressWallet APIs enable users to quickly locate ERC-20 tokens by wallet address. Chainbase, Alchemy and Moralis provide APIs to get token-related
US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual
US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal
JPMorgan Hires Former Executive of Bankrupt Crypto Firm as Head of Digital Assets Regulatory Policy
JPMorgan Hires Former Executive of Bankrupt Crypto Firm as Head of Digital Assets Regulatory Policy JPMorgan Chase & Co. has hired bankrupt crypto lender Celsius Network’
Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,300 to Start the Weekend
Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,300 to Start the Weekend Ethereum was once again trading above $1,300, as cryptocurrency prices rose to start the weekend. M
Arbitrum Launches Native Governance Token ARB and Self-Executing DAO Governance Model
Arbitrum Launches Native Governance Token ARB and Self-Executing DAO Governance Model The Ethereum layer two (L2) scaling solution Arbitrum has launched a native governance token n
Mythical Games Raises $150 Million in Series C Funding Round Led by A16z
Mythical Games Raises $150 Million in Series C Funding Round Led by A16z Mythical Games, a blockchain-based gaming company, has raised $150 million in its series C funding round. T
Prashant Jha12 hours agoWorldcoin opens up WLD reservations for unverified usersWorldcoin project has remained controversial right from its announcement and is currently facing regulatory trouble in multiple jurisdiction
Spanish Retailer El Corte Ingles Launches Crypto Exchange in Partnership With Deloitte
Spanish Retailer El Corte Ingles Launches Crypto Exchange in Partnership With Deloitte El Corte Ingles, one of the biggest retailers and distributors in Spain, has taken its first
Sequence partners with Google Cloud to simplify Web3 gaming development
Tristan Greene4 hours agoSequence partners with Google Cloud to simplify Web3 gaming developmentHorizon Blockchain Games hit Web3 title “Skyweaver” is powered by Sequence.5406 Total views4 Total sharesListen to artic
Polymarket raises $70M from Vitalik Buterin, Founders Fund
Josh O"Sullivan9 hours agoPolymarket raises $70M from Vitalik Buterin, Founders FundAmid increasing U.S. regulatory scrutiny, popular crypto-based betting platform Polymarket has secured funding to expand its global oper
Crypto markets rally, but Ethereum struggles to keep pace with Bitcoin
Marcel Pechman4 hours agoCrypto markets rally, but Ethereum struggles to keep pace with BitcoinETH price continues to trail far behind Bitcoin’s year-to-date gains even after the crypto market responded positively to t
Crypto VC funding surged 53% in March, Optimism wins largest share
Jesse Coghlan5 hours agoCrypto VC funding surged 53% in March, Optimism wins largest shareVenture capital funded over $1.1 billion across 180 investments last month, with the biggest being Optimism’s early-March privat