{"id":51344,"date":"2024-08-02T01:39:00","date_gmt":"2024-08-02T01:39:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/how-long-will-the-bitcoin-consolidation-last"},"modified":"2024-08-02T04:06:43","modified_gmt":"2024-08-02T04:06:43","slug":"how-long-will-bitcoins-price-consolidation-last","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51344","title":{"rendered":"How long will Bitcoin\u2019s price consolidation last?"},"content":{"rendered":"

Since the April 20 Bitcoin halving, Bitcoin (BTC) price has been consolidating in a wide range that extends from $58,000 to $72,000. However, according to technical chart patterns and various indicators, Bitcoin price could be on the verge of a breakout. The key question that remains is when will Bitcoin break out of consolidation?<\/p>\n

BTC\/USD daily chart. Source: <\/em>TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin priced poised for a \u201cSeptember breakout\u201d<\/h2>\n

According to popular crypto analyst Rekt Capital, Bitcoin could potentially break out of consolidation in September.<\/p>\n

In a July 30 X post, the analyst wrote,<\/p>\n

\u201cBitcoin is still on track for a September breakout.\u201d<\/p><\/blockquote>\n

BTC\/USD weekly chart. Source: <\/em>Rekt Capital<\/em><\/figcaption><\/figure>\n

Rekt Capital explained that while Bitcoin failed to break out of the reaccumulation range in the 100 days following the Bitcoin halving in April, such a breakout was \u201calways going to be unlikely.\u201d<\/p>\n

The reaccumulation range refers to the period where buyers accumulate more BTC in anticipation of more upward price movement.<\/p>\n

From a technical perspective, Bitcoin is seemingly trading in a descending parallel channel, which suggests further upside momentum if the price is able to reclaim $65,000, according to the analyst.<\/p>\n

\u201cHold $65,000 as support, and Bitcoin will be able to revisit the top of this pattern over time. At worst, Bitcoin would upside wick into the low of $70,000s (blue circle). At best, Bitcoin would break out from this structure entirely.\u201d<\/p><\/blockquote>\n

BTC\/USD weekly chart. Source: <\/em>Rekt Capital<\/em><\/figcaption><\/figure>\n

According to independent analyst Jelle, based on technical chart patterns, Bitcoin\u2019s price could reverse and break out to the $100,000 mark in the following months. This is the target of a multi-year falling wedge.<\/p>\n

Source: <\/em>Jelle<\/em><\/figcaption><\/figure>\n

Related: <\/em><\/strong>Crypto ready for next phase of adoption: Winning over financial advisers<\/em><\/strong><\/p>\n

Bitcoin consolidation could be ending – Bollinger Bands<\/h2>\n

Anticipation of an \u201cexplosive move\u201d in BTC price lingers in the background, as suggested by Bitcoin\u2019s volatility indicator.<\/p>\n

For popular trader and analyst Matthew Hyland, tightening Bollinger Bands conditions on the weekly timeframes indicates that a significant breakout is imminent.<\/p>\n

The width of the Bollinger Bands, a classic volatility and momentum indicator, is currently at its \u201ctightest point\u201d since August 2023, when BTC\/USD last traded around $30,000.<\/p>\n

Hyland also acknowledged that Bitcoin has consolidated in a narrow range of 25% since March 13, and stated that he believes that this long consolidation period is now over.<\/p>\n

\u201cNow it is starting to squeeze, so the moment is coming. At this point, it will probably come within a month.\u201d<\/p><\/blockquote>\n

Hyland also observed that the bands were repeating a similar pattern seen in July 2023, which preceded a 20% surge in Bitcoin\u2019s price within the following four months.<\/p>\n

\u201cBitcoin Weekly Bollinger Bands have only tightened this much twice so far: in April 2016 and August 2023. We are now seeing the same thing once again. Afterward, Bitcoin increased by approximately 20% between August and November 2023.\u201d<\/p>\n

The analyst also noted that the Bollinger Bands Width (BBW) indicator was at its \u201cthird-tightest level ever,\u201d supporting a possible breakout from consolidation.<\/p>\n

Data from TradingView reveals that the BBW has dropped to 20%, levels last seen in October 2023 before Bitcoin broke out of a multi-month trading range of $25,000 to $32,000, topping $40,000 at the end of 2023.<\/p>\n

BTC\/USD weekly chart. Source: <\/em>TradingView<\/em><\/figcaption><\/figure>\n

The current reading of 20% follows four months of trading between $58,000 and $72,000, barring occasional brief dips to $55,000.<\/p>\n

\u201cIf history repeats itself, Bitcoin could reach new all-time highs of around $77,000 by November from its current price.\u201d<\/p><\/blockquote>\n

It may take \u201ca few more weeks,\u201d Hyland explained, adding that he believes Bitcoin is very close to seeing \u201can explosive move.\u201d<\/p>\n

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.<\/p>\n

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Since the April 20 Bitcoin halving, Bitcoin (BTC) price has been consolidating in a wide range that extends from $58,000 to $72,000. However, according to technical chart patterns and various indicators, Bitcoin price could be … How long will Bitcoin\u2019s price consolidation last?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51345,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3812,5652,276,159],"class_list":["post-51344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-cryptonews","tag-emilynews","tag-ethereum","tag-hyipnews","exalt-entry"],"yoast_head":"\nHow long will Bitcoin\u2019s price consolidation last? - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51344\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How long will Bitcoin\u2019s price consolidation last? - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Since the April 20 Bitcoin halving, Bitcoin (BTC) price has been consolidating in a wide range that extends from $58,000 to $72,000. 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