Bitcoin’s 92-day consolidation is brewing a massive rally! Can BTC reach $100,000 this year?
BTC has now entered its longest consolidation period, at 92 days, and analysts believe that the 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 afterward,” wrote anonymous crypto trader Daan Crypto Trades in a June 11 X post.
“Of all the consolidations, the current one is the longest,” Mags told his 79,500 X followers in a June 9 post.
“Once the price breaks out of this consolidation range, we will witness a massive upside rally,” they added, noting that in previous cycles, the consolidation period was shorter but still set new all-time highs.
In the previous cycle after the 2020 Bitcoin halving, Bitcoin had a 21-day consolidation period before breaking out, eventually breaking through the all-time high of $69,000 in November 2021.
"We are still in a large consolidation range. Take a deep breath," Roman wrote in a June 12 X post.
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 range of 26%, briefly falling to a low of $58,253 on May 2.
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