Crypto analyst Mags outlines a 5-step roadmap for Bitcoin’s next price movements.
Bitcoin’s 92-day consolidation period is the longest in its history, suggesting a potential rally.
Bitcoin has reclaimed its ATH, and analysts predict a major breakout in the coming months.
Bitcoin’s price is in a prolonged period of consolidation, prompting intense speculation about its next move. Crypto analyst Mags has outlined a five-stage roadmap for the cryptocurrency, suggesting a potential significant price movement in the coming months.
According to Mags, the roadmap consists of five stages: 1) Bitcoin breaking out above its all-time high (ATH), 2) finding support above the ATH, 3) breaking down below the ATH, 4) reclaiming the ATH, and 5) continuing higher. Currently, Bitcoin is in the fourth stage, having reclaimed the ATH and appears poised for further upward movement.
#Bitcoin Roadmap for next few months 🤝1) Price breaks out above ATH2) Price finds support above ATH3) Price breaks down below ATH4) Price reclaims the ATH (we are here)5) Price continues Higher pic.twitter.com/fVOvf0FiW4
— Mags (@thescalpingpro) June 13, 2024
This consolidation period, at 92 days and counting, is the longest in Bitcoin’s history. Analysts believe that the extended period of stability could be setting the stage for a substantial price rally. As Daan Crypto Trades pointed out:
“Generally, the longer a consolidation, the larger the expansion afterward.”
Mags emphasized the significance of this consolidation phase, stating that “Once price breaks out of this consolidation range, we are going to witness a massive upside rally.” This sentiment is echoed by other analysts, who have noted the potential for a significant price movement once the consolidation period ends.
In comparison, previous Bitcoin consolidation phases were notably shorter. For instance, after the 2020 halving, Bitcoin experienced a 21-day consolidation before reaching a new ATH of $69,000 in November 2021.
Source: Daan Crypto Trades Since achieving an ATH of $73,679 on March 13, Bitcoin has remained in a tight trading range of 26%. Its lowest point during this period was $58,253 on May 2. At press time, Bitcoin was trading at $67,413, according to data from CoinMarketCap. This phase of lower trading volume and volatility is typical of consolidation periods, suggesting the market is gathering momentum for its next major move.
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