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Bitcoin

Bitcoin’s Consolidation Phase Is Laying The Groundwork For Its Next Bullish Rally

Godspower Owie
by Godspower Owie
11 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As Bitcoin‘s price continues to fluctuate, determining its next trajectory has become a major discussion within the general cryptocurrency community, with several analysts pointing to various developments that could ignite BTC’s next move, either on the upside or downside.

Bitcoin Is In A Healthy Consolidation Phase

Market expert and enthusiast, PlanC has offered an insightful perspective to the community regarding the lengthy price trend of Bitcoin in the past few months. The market expert’s perspective argues that the ongoing consolidation phase of BTC might be preparing the digital asset for its next significant move on the upside.

Related Reading: Bitcoin Stalls: Bullish Momentum Hinges On Reclaiming Key Metric, Expert Says

Following a period of volatility, the price of BTC has been trading in a tight range, with investors and traders keeping a close eye on important resistance and support levels. This period of price consolidation is considered by PlanC as a possible launchpad for the next price breakout of the digital asset.

According to the analyst, this phase has been a healthy one in the past seven months, even though it has been difficult for new investors and traders trying to navigate the volatility. During this period, the crypto asset has spent more time between the $60,000 and $70,000 level than in the $50,000 to $60,000 range, establishing a strong base for the upcoming upward move.

Bitcoin
Consolidation phase creating the foundation of Bitcoin’s next move | Source: PlanC on X

Furthermore, the analyst is confident that once the consolidation phase ends and BTC breaks through the $80,000 price mark, the likelihood of the coin ever falling below $60,000 again will be incredibly low.

While PlanC’s prognosis is a bit difficult to comprehend, he highlighted that the setup will become clear in retrospect when Bitcoin surpasses the $100,000 level early in the following year. In addition, when BTC reaches about $200,000 by late next year, the analyst stated that the plan will become much more evident in hindsight.

PlanC’s forecast is part of a broader outlook of Bitcoin gearing up for an impending major rally that could send the coin to a new all-time high in the short and long term, demonstrating the strong optimism around BTC’s potential.

BTC’s Bearish Movement Still On?

Since BTC failed to surpass the $64,500 resistance level on Monday, the crypto asset has been on a downtrend, and its price dropped to about $58,900 on Thursday. However, BTC has showcased brief resilience today after rebounding to $60,800, fueling hope about an extended price recovery.

Related Reading: Bitcoin Set For Explosive Growth As BTC Enters Early Stages Of Mega Bull

Even though the digital asset continues to struggle due to macroeconomics and geopolitical turmoil, positive sentiment around BTC continues to hold strong among investors. The positive sentiment could be driven by bullish past trends witnessed over the years following the Bitcoin Halving event, which has historically been a precursor for massive price upswings.

Bitcoin
BTC trading at $60,718 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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