Analyst says Bitcoin’s struggle to break beyond $70k has proven advantageous for overall cycle

Analyst says Bitcoin’s struggle to break beyond $70k has proven advantageous for overall cycle

The post Analyst says Bitcoin’s struggle to break beyond $70k has proven advantageous for overall cycle appeared first on Coinpedia Fintech News

In the cryptocurrency market, the debate revolves around whether the recent Bitcoin movement marks a final push over the past week or two. On Crypto Banter’s The Sniper Trading Show, the analyst, reviewing the chart, said that it’s evident that there was a disappointing fake-out. Essentially, this means that yesterday, signs indicated that the market bottom might be in place. If there is a rebound from here and break out, it would confirm a very bullish scenario, potentially leading us back to all-time highs in the coming days. 

However, returning to the current trend doesn’t signify the end of the bullish market; rather, it presents another scenario that may unfold over a slightly longer period. Traders should stay alert and adjust their strategies accordingly.

Now that Bitcoin is back in this trend, there’s still a chance we could see levels around $62,000 to $63,000. Looking at higher time frames, the primary question remains when we will break the all-time highs. Therefore, it’s crucial to maintain recent lows to sustain momentum.

However, on the flip side, Rekt Capital pointed out that Bitcoin’s struggle to break out is actually advantageous for its overall cycle. Historically, Bitcoin has never experienced an early breakout in the Post-Halving period. If it were to break out prematurely, it could shorten the Bull Market significantly. The ongoing consolidation phase allows Bitcoin’s price to realign with historical Halving cycles, promoting a more typical and sustained Bull Run.

In March 2024, Bitcoin reached new All-Time Highs, marking a 260-day acceleration in the current cycle compared to traditional Halving cycles. However, over the past three months, Bitcoin has been consolidating within the range of approximately $60,000 to $70,000. This consolidation has moderated the cycle’s acceleration, reducing it from 260 days to approximately 170 days.