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
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.
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.
The $71.3k Resistance Level
Both Faibik and Mags agree that a breakout from the current consolidation phase could be a game-changer for Bitcoin. They advise investors to keep a close eye on the $71,300 resistance level, as a surge past this point could signal the start of a bullish trend.
Featured image from Buy Sites, chart from TradingView
Christian Encila
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley! So, he landed a killer gig at NewsBTC and Bitcoinist, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better. Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a future intertwined with NewsBTC and Bitcoinist. He says he sees himself “growing old” alongside these companies, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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