Bitcoin consolidation made traders believe that massive expansion is about to occur as the consolidation phase is still ongoing.
“Generally, the longer a consolidation, the larger the expansion afterward,” Daan Crypto Trades told his audience on X.
Bitcoin entered its largest consolidation phase of 92 days and is still ongoing, investors are taking it as the asset is setting up for a massive upward rally.
“Out of all consolidations, the current one is the longest,” Mags posted on X on 9 June post
“Once price breaks out of this consolidation range, we are going to witness a massive upside rally,” they added while explaining that the previous consolidation phase remained for a shorter period and still boosted the price to an all-time high.
In the previous halving taking effect in 2020, Bitcoin consolidation remained for 21 days when Bitcoin broke out and reached its all-time high of $69,000 in November 2021.
“We’re still in a large consolidation range for higher. Take a deep breath,” Roman stated in an X post on June 12.
BTC data showed that before entering into a consolidation phase, BTC reached its highest mark of $73,679 on March 13, which was 92 days ago.
Consolidation periods are times when Bitcoin’s trading volume and volatility are lower than usual. Since hitting its all-time highs, Bitcoin has traded within a narrow 26% range, briefly dipping to its lowest point of $58,253 on May 2.
As per the forecast of analysts, the consolidation phase can extend up to September or even October
Bitcoin’s price might consolidate for 4 to 5 months based on stock and crypto market seasonality and Bitcoin on-chain data stated by Charles Edwards, founder of Capriole Investments.
Charles Edwards compared Bitcoin’s price movements to gold, which formed a “massive cup and handle” pattern over 13 years, with the “cup” taking four years. He pointed out that Bitcoin seems to be showing the same pattern.
At the time of writing, Bitcoin is trading for $67,664 as per CoinMarketCap data.
