Bitcoin's 92-day consolidation is brewing a massive rally
BTC has now entered its longest consolidation period, at 92 days, and analysts believe that long-term stability could set the stage for a "massive rise" in the asset.
Generally speaking, the longer the consolidation period, the greater the upside potential afterwards. Among all the consolidations, the current consolidation period is the longest. Once the price breaks out of this consolidation range, we will witness a massive upward rally.
In the previous cycle after the Bitcoin halving in 2020, Bitcoin had a 21-day consolidation period before breaking out, eventually breaking through the all-time high of $69,000 in November 2021.
Bitcoin data this year shows that BTC has been in a consolidation phase since hitting an all-time high of $73,679 on March 13, 92 days ago.
A consolidation period refers to a period when Bitcoin trading volume and volatility are lower than usual. Since reaching its all-time high, Bitcoin has been trading in a narrow 26% range, briefly hitting a low of $58,253 on May 2.
Previous predictions from cryptocurrency analysts suggest that the consolidation period could extend until at least September or even October.
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