Bitcoin Price Prediction: This Week's Trends and Q4 History

Bitcoin’s price has been volatile over the past week, hitting a two-month high of $66,500 before sliding to $59,500. The cryptocurrency surged to $64,500 on Monday.

Rising highs and rising trends

Cryptocurrency expert Dr. Profit said Bitcoin has hit a new high for the first time since its all-time high in a recent article.

This contradicts the pessimistic narrative that Bitcoin will continue to fall based on higher highs and lower lows, the expert says. “Their theory has given them a slap in the face,” he said, meaning the recent price action should wake up skeptics.

Dr. Profit realized that a large sideways movement, especially with significant moving averages, breaks the higher high/low low pattern.

The analyst said that Bitcoin’s recent retest of the 50-day moving average (MA50) at $60,000 showed significant bullish momentum, confirming his bullish outlook. Dr. Profit would add long positions around $60,400 if the market retraces there.

Dr. Profit believes that Bitcoin will soon reach $66,000 as a short-term target. He emphasized the importance of incoming economic statistics, including inflation readings in the Producer Price Index and the Consumer Price Index on Thursday and Friday.

Is Bitcoin's consolidation period coming to an end?

After nearly six months of stagnating below $70,000, another expert, Ted Bellows, said that Bitcoin’s consolidation period may be over.

Bitcoin was found to consolidate for 161 days after the halving in 2016 and 175 days after the halving in 2020.

Pillows suggests that Bitcoin is likely to leave or approach the end of its 168-day consolidation period. This study suggests that Bitcoin could break the March record of $73,700.

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