bitcoin (btc), the largest cryptocurrency asset, continues to attract positive sentiment due to its recent price surge. Popular cryptocurrency analyst and trader Mags has delved into the current btc price action. x.com/thescalpingpro/status/1799708675113918850″ target=”_blank” rel=”noopener nofollow”>highlighting that the current consolidation phase of the cryptoasset is the longest in its history and is taking place in the midst of an ongoing bullish cycle.
This prolonged period of consolidation often precedes substantial volatility, raising the possibility that bitcoin is preparing for a major comeback.
End of consolidation phase to trigger notable price movement
During a record period of time (87 days), bitcoin has been trading in an extremely tight range that has survived previous periods of consolidation. Mags notes that despite the overall bullish sentiment in the market, which typically drives more substantial price swings, there is a lot of consolidation taking place.
According to the crypto expert, before entering price recovery, btc often consolidates around its all-time highs, as seen in previous bull cycles. However, the current consolidation is the longest of all.
During the 2027 bull cycle, Mags noted that the crypto asset consolidated for about 48 days before breaking out to the upside. Furthermore, in 2020, btc witnessed a 21-day consolidation period before regaining its upward momentum.
Meanwhile, in this current cycle, btc has been consolidating for the last 87 days and counting, exceeding the duration of previous consolidation phases. Therefore, the crypto analyst claims that there will be a huge increase whenever the price comes out of this stabilization phase.
The post said:
In each cycle, we have noticed a similar pattern where bitcoin consolidates near all-time highs before entering price discovery. Of all the consolidations, the current one is the longest.
Although the recent stabilization phase has turned out to be the longest, according to the crypto expert, Milky Bull has x.com/MikybullCrypto/status/1799759504084742412″ target=”_blank” rel=”noopener nofollow”>underlined the importance of development. Milky Bull is confident that the consolidation will lead to significant price movements. “The longer the consolidation, the higher it moves when it breaks out,” the expert said.
Furthermore, it has signaled a bullish divergence for btc, which also indicates solid price strength. If the crypto asset breaks out of the current consolidation phase, Milky Bull anticipates a rise to the $85,000 price level before rising to the $110,000 mark.
bitcoin demonstrates optimistic sentiment
Following a sharp drop over the weekend that caused the cryptocurrency to retreat from recent highs, The price of bitcoin Start the week on a positive note. The weekend crash was caused by a drop in the entire cryptocurrency market, causing the value of major cryptocurrencies to drop.
However, bitcoin appears to have recovered along with other notable crypto assets. Due to its rebound, the digital asset has gained investor interest and generated new sentiment about its long-term growth potential.
At the time of writing, btc was trading above $65,000, indicating an increase of 0.15% in the last 24 hours. Its market capitalization and trading volume also increased by 0.15% and 40% in the last day.
Featured image from iStock, chart from Tradingview.com