Ready To Strike? Bitcoin Poised For A Big Move After Major Consolidation
June 10 2024 - 4:30AM
NEWSBTC
Bitcoin (BTC) seems poised for a major breakout, if prominent
analysts are to be believed. The world’s most popular
cryptocurrency has been stuck in a consolidation phase for a
record-breaking 87 days, but experts say this slumbering giant
might be about to awaken with a vengeance. Related Reading: Bitcoin
Buoyed By Big Money: Whales Gobble More BTC, Signaling Bullish
Outlook Charting A Course For Breakout Faibik, a well-known crypto
analyst, has identified a technical pattern on the Bitcoin daily
chart that hints at a potential explosion. This pattern, known as a
Descending Broadening Wedge, suggests a price squeeze that often
precedes a significant breakout. Faibik believes that a surge past
the crucial $71,000 resistance level would be a strong bullish
signal, indicating a potential reversal of the recent downtrend.
$BTC Descending Broadening Wedge formation still in Play on the
Daily timeframe Chart..📈 Once Bitcoin bulls clinch the 71.3k
Crucial Resistance, the Party will start. 🔥🚀 Trust the
Process..✍️#Crypto #Bitcoin #BTC pic.twitter.com/gBas14jIDo —
Captain Faibik (@CryptoFaibik) June 9, 2024 The DBW on the BTC
chart is a sign that the price is getting tighter and tighter,
explained Faibik in a recent post. This typically leads to a
breakout in one direction or another, and based on the current
market sentiment, a bullish breakout seems more likely. A Quick
Bitcoin Price Overview Using trend lines to connect the three lower
highs and three higher lows, the price of bitcoin broke out of the
symmetrical triangle pattern on June 4. Nevertheless, the weekly
resistance at the $71,280 level refused the breakout. At the
$68,500 mark, which is the upper edge of the symmetrical triangle
pattern, BTC is now finding support. Bitcoin might rise 7% to reach
its all-time high of $73,777 if current support holds. Will Bitcoin
Emerge A Bullish Butterfly? Mags, another popular crypto analyst,
takes a slightly different approach. He views the current
consolidation phase as the longest Bitcoin has ever experienced,
surpassing previous periods before significant price increases. The
analyst compares this extended consolidation to a butterfly in its
chrysalis, suggesting a potential transformation on the horizon.
Historically, Bitcoin has exhibited a pattern of consolidation
around all-time highs, followed by a price discovery phase that
precedes sharp price movements, the analyst said. The current
87-day consolidation period shatters previous records, potentially
indicating a massive price move could be in the offing. Mags
highlights prior instances where similar consolidation periods
preceded major bull runs. In 2017, for example, Bitcoin
consolidated for 48 days before a breakout, while in 2020, the
consolidation phase lasted 21 days before a significant price
increase. Related Reading: Scalpers Rejoice! Top Analyst Predicts
Chainlink (LINK) Short-Term Surge The $71.3k Resistance Level Both
Faibik and Mags agree that a breakout from the current
consolidation phase could be a game-changer for Bitcoin. They
advise investors to keep a close eye on the $71,300 resistance
level, as a surge past this point could signal the start of a
bullish trend. Featured image from Buy Sites, chart from
TradingView
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