The cryptocurrency market is seeing consolidation as Bitcoin price is trading subdued and failing to hold above the $69,000 level. The weekend rally resembled the pre-halving rally, suggesting that the coin could set a new high before the halving. However, the recent pullback has changed the timeline. With the halving less than 10 days away, Bitcoin price is currently expected to set a new high after the halving.
As bulls show severe weakness above $72,500, will the price reach $100,000 in 2024?
Since the coin hit new highs close to $74,000, the bulls have failed to lift and sustain the price above $72,000. This shows that there is a large amount of shorts here as buying volumes are frequently falling. However, this is a strong scenario at the moment that could ultimately lead to some major price movements soon.
Bitcoin is trading close to resistance at its all-time highs before finally making a minor correction. The coin is facing a pullback after a wave of gains but it will be important to witness if it turns into a major one. The week did not start as expected but it is only halfway through and Bitcoin is still trading at highs. However, considering the above-mentioned chart pattern, it suggests that the price is approaching a apex, which could eventually trigger a rally to $100,000.
On longer timeframes, the coin usually forms an ascending triangle, before reaching the apex, it initiates a breakout and flies higher, forming a new ATH. However, the velocity has been decreasing, so the coin has reached the same position as before. Therefore, the next few days may be very critical, as a breakout before the weekend is needed to start the next bullish wave towards $100,000. Otherwise, the Bitcoin (BTC) price may continue to consolidate until the end of the month, followed by a bullish breakout.
