Bitcoin Poised For A Big Move After Major Consolidation

Bitcoin
(BTC)
seems
poised
for
a
major
breakout,
if
prominent
analysts
are
to
be
believed.
The
world’s
most
popular
cryptocurrency
has
been
stuck
in
a
consolidation
phase
for
a
record-breaking
87
days,
but
experts
say
this
slumbering
giant
might
be
about
to
awaken
with
a
vengeance.

Charting
A
Course
For
Breakout

Faibik,
a
well-known
crypto
analyst,
has
identified
a
technical
pattern
on
the
Bitcoin
daily
chart
that
hints
at
a
potential
explosion.
This
pattern,
known
as
a
Descending
Broadening
Wedge,
suggests
a
price
squeeze
that
often
precedes
a
significant
breakout.
Faibik
believes
that
a
surge
past
the
crucial
$71,000
resistance
level
would
be
a
strong
bullish
signal,
indicating
a
potential
reversal
of
the
recent
downtrend.

$BTC
Descending
Broadening
Wedge
formation
still
in
Play
on
the
Daily
timeframe
Chart..????

Once
Bitcoin
bulls
clinch
the
71.3k
Crucial
Resistance,
the
Party
will
start.
????????

Trust
the
Process..✍️#Crypto

#Bitcoin

#BTC

pic.twitter.com/gBas14jIDo

—
Captain
Faibik
(@CryptoFaibik)

June
9,
2024

The
DBW
on
the
BTC
chart
is
a
sign
that
the
price
is
getting
tighter
and
tighter,
explained
Faibik
in
a
recent
post.
This
typically
leads
to
a
breakout
in
one
direction
or
another,
and
based
on
the
current
market
sentiment,
a
bullish
breakout
seems
more
likely.

A
Quick
Bitcoin
Price
Overview

Source:

FXStreet

Using
trend
lines
to
connect
the
three
lower
highs
and
three
higher
lows,
the
price
of
bitcoin
broke
out
of
the
symmetrical
triangle
pattern
on
June
4.
Nevertheless,
the
weekly
resistance
at
the
$71,280
level
refused
the
breakout.

At
the
$68,500
mark,
which
is
the
upper
edge
of
the
symmetrical
triangle
pattern,
BTC
is
now
finding
support.
Bitcoin

might
rise
7%
to
reach
its
all-time
high
of
$73,777
if
current
support
holds.

Will
Bitcoin
Emerge
A
Bullish
Butterfly?

Mags,
another
popular
crypto
analyst,
takes
a
slightly
different
approach.
He
views
the
current
consolidation
phase
as
the
longest
Bitcoin
has
ever
experienced,
surpassing
previous
periods
before
significant
price
increases.

The
analyst
compares
this
extended
consolidation
to
a
butterfly
in
its
chrysalis,
suggesting
a
potential
transformation
on
the
horizon.

BTCUSD
trading
at
$69,344
today.
Source:

TradingView.com

Historically,
Bitcoin
has
exhibited
a
pattern
of
consolidation
around
all-time
highs,
followed
by
a
price
discovery
phase
that
precedes
sharp
price
movements,
the
analyst
said.
The
current
87-day
consolidation
period
shatters
previous
records,
potentially
indicating
a
massive
price
move
could
be
in
the
offing.

Mags
highlights
prior
instances
where
similar
consolidation
periods
preceded
major
bull
runs.
In
2017,
for
example,
Bitcoin
consolidated
for
48
days
before
a
breakout,
while
in
2020,
the
consolidation
phase
lasted
21
days
before
a
significant
price
increase.