The 90-Day Consolidation of Bitcoin Could Set Off A Massive Rally
The 90-day consolidation in Bitcoin's price might be the catalyst for a price surge, according to traders.
Bitcoin is now selling for more than $67k.
The trader went on to say that after such a lengthy period of price stabilization, another price surge is likely to occur when BTC breaks higher.
There was a 21-day stabilization phase following the 2020 Bitcoin halving in the previous cycle, and then BTC broke out. The currency finally reached an all-time high of $69,000 in November 2021.
In the ninety-two days after it reached its all-time high of about $74,000 on March 13, the cryptocurrency market has been steadily consolidating. During consolidation periods, the volume and volatility of Bitcoin trades are often lower than normal.
After a brief surge over $68,000 earlier, Bitcoin is now trading above $67,000 while this piece is being written.
Many are still hopeful about Bitcoin's future, despite the fact that its price has been quite volatile in the days leading up to crucial US economic data and in the middle of an unexpected surrender period among miners.
A report indicating reduced inflation was released by the CPI on June 12. Additionally, the Federal Reserve chose to maintain interest rates at 5.25% to 5.50% after the FOMC meeting.
If the political atmosphere were to become more crypto-friendly in 2024, according to recent predictions made by Mike Novogratz, BTC might reach $100,000. According to the crypto sector, Trump is the most crypto-friendly presidential contender.
It was revealed earlier today that Microstrategy plans to raise $500 million to purchase further Bitcoin. A convertible senior note issuance will be used to accomplish this, with an extra $75 million being offered as an option.
The notes, according to MicroStrategy's official announcement, will be senior liabilities of the company and will be due semiannually in regions on June 15 and December 15 starting from December 15, 2024. They will also carry interest.
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