Prominent crypto analysts warn of a potentially large move in Bitcoin (BTC) due to consolidation and technical factors. Famous crypto analyst Captain Faibik explained in a post on X that a technical pattern could define the BTC price movement.

The analyst noted the Descending Broadening Wedge pattern on the BTC daily time frame chart. Faibik also said this technical pattern is still intact and believes there is a bullish momentum once the Bitcoin bulls break the key $71.3k resistance level. The party will start once the BTC bulls grab the critical $71.3k resistance. The strategy, as said by Faibik, is to trust the process, pointing to an expectation of a substantial move higher after taking out this level of resistance.

Bitcoin’s Longest Consolidation Phase

Mags, another popular crypto analyst, discussed his view regarding the behavior of Bitcoin in the present market. In Mags’ view, BTC has entered into its longest consolidation phase ever through which it aims at expanding its adoption. In the past, BTC’s price has typically stabilized in the vicinity of its all-time highs and then entered a discovery phase which precedes rather sharp price movement.

Mags provided a historical context to illustrate this pattern: In the earlier years, 2017 for instance, Bitcoin was to hold the upward trend for 48 days before a breakout was observed. In the same way, before Bitcoin ramped up in the year 2020, the consolidation period was 21 days long. The current cycle, however, is setting records. For 87 days, BTC has been consolidating, which is the longest time this digital currency has been in this position.

Mags said each cycle, that Bitcoin tends to move around the all-time highs before it goes into a price discovery mode. This consolidation is the longest one among all the others that have ever been made. The expected hyperbolic move up, if the price breaks out of this ranging pattern.

This extended overbar is something that Bitcoin is setting up for the take-off run for a possible explosive surge. It is recommended to investors and buffs that they closely observe the critical $71.3k resistance level, and if this level is penetrated, then it would provide a clear sign of beginning of a bullish streak.

Thus, the period of Bitcoin is an extended consolidation phase, but all enthusiasts of the cryptocurrency world are waiting with restrained eagerness. This suggests that the prospect of the coming days and weeks could prove to be truly transformational with implications for market structure and new highs for Bitcoin.

Prominent crypto analysts are predicting a significant move in Bitcoin’s (BTC) price due to current consolidation and technical patterns. Captain Faibik, a well-known analyst, highlighted a Descending Broadening Wedge pattern on BTC’s daily chart, suggesting bullish momentum is likely once Bitcoin breaks the key $71.3k resistance level.
Another analyst, Mags, pointed out that Bitcoin is undergoing its longest consolidation phase in history, lasting 87 days, surpassing previous cycles which lasted 21 and 48 days. This extended consolidation near all-time highs typically precedes substantial price movements. Both analysts advise closely monitoring the $71.3k resistance level, as surpassing it could trigger a significant bullish trend, potentially leading to new market highs. Investors and crypto enthusiasts are advised to stay vigilant as the market may soon experience a transformational phase.