According to BlockBeats news on October 28, since Bitcoin fell from its historical high of over $73,800, the price has been broadly consolidating between $53,000 and $72,000. However, based on technical chart patterns and various indicators, Bitcoin's consolidation may soon come to an end, as the price could be on the verge of a breakout.
Cryptocurrency analyst Rekt Capital claims that after a bullish weekly close on October 27, Bitcoin may soon break out of its consolidation phase. Historically, Bitcoin peaks between 518 to 550 days after halving. The analyst added that although the consolidation period after halving is long, 'Bitcoin still accelerates for about 35 days during this cycle.'
'Therefore, the longer Bitcoin consolidates after halving, the better the effect of resynchronizing the current cycle with traditional halving cycles.' Bitcoin volatility indicators show that expectations for a breakout in Bitcoin's price still exist.
