Bitcoin Is Taking a Break: #BullRunPotential Not Happening Now!

The crypto market experienced a tumultuous year in 2024, with wild price fluctuations. Even so, the focus has now shifted back to Bitcoin. Even though it is now in a consolidation phase, signs of a bullish recovery are becoming increasingly clear.

Recently, Bitcoin crossed the symbolic $70,000 mark, supported by speculation surrounding the approval of #ETHETFS . However, Bitcoin failed to maintain this high level, and selling pressure brought BTC back down below $70,000. However, this consolidation phase appears to be temporary, as historical trends suggest that a bullish breakout may be imminent.

According to Rekt Capital, a weekly close above $71,500 could trigger a bullish breakout. Even so, historical data suggests that Bitcoin may still consolidate for several more weeks. This consolidation phase will allow the leading cryptocurrency to realign to its previous halving cycle, paving the way for a more sustainable rally.

For savvy investors, this period of consolidation is an attractive opportunity. On-chain indicators reveal impressive underlying strength. For example, the TD Sequential indicator is currently presenting a buy signal on Bitcoin's hourly chart, indicating a potential short-term rebound.

Long-term Bitcoin holders (hodlers) appear determined to maintain their holdings, even against prices exceeding $70,000. This reluctance to sell underscores the growing perception of Bitcoin as a store of value, rather than simply a speculative asset.

In the short term, Bitcoin's important support level is around $67,500. Sustaining above this level could pave the way for a rise to $74,500. However, if $BTC breaks this support, a new correction of 5% towards $64,000 could occur.

Even though Bitcoin is in a consolidation phase, all signals point to an upcoming bullish rally. Be it technical analysis, on-chain indicators, or trader behavior, everything shows that crypto is gearing up for a new bullish cycle.