• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit

History Shows That Bitcoin’s Consolidation Phase is Likely to Result in Fireworks

Cole Petersen by Cole Petersen
3 years ago
in Bitcoin, Technical analysis
Reading Time: 3 mins read
Advertisement
Advertisement

Bitcoin has been caught within a tight trading range between $9,000 and $10,000 for two months now. This trading range is still showing few signs of degrading as buyers continue guarding against a dip below its lower boundary.

That being said, history does show that multi-month bouts of consolidation – like the one BTC is caught within currently – do tend to end with explosive movements.

Historical data also shows that they can persist a lot longer than two months, signaling that it may be quite some time before the crypto can post any trend-defining movement.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

As for which direction these potentially imminent “fireworks” could lead BTC – one trader is noting that it could soon rally towards $27,000.

He claims that this rally would be fueled by a massive multi-year bull pennant breaking and would lead the crypto into its next epoch.

Bitcoin Consolidation Phase Could Last Longer, But Likely to End in “Fireworks”

Since the start of May, Bitcoin has been caught within a tight trading range between $9,000 and $10,000.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

There have been a few occasions in which the crypto has ventured out of the boundaries of this range, but they have all been fleeting.

As seen on the below chart, the two levels beyond this range that traders have targeted sit at roughly $8,500 and $10,500.

Bitcoin

Chart via TradingView.

It does appear that the crypto’s trend will remain somewhat unknown until one of these high time frame levels is broken.

While zooming out and looking towards Bitcoin’s historical price action, multi-month periods of sideways trading are not unprecedented.

One analyst recently offered a chart showing that they have been seen on multiple occasions throughout the past decade, noting that massive movements typically follow them.

He even adds that the current volatility – despite being low – is not as low as it has been seen in the past.

“BTC volatility is low, but not at record lows in terms of BB width. Red indicates historic daily BB squeeze levels similar or tighter to current volatility squeeze. This can last quite a bit longer, but once price broke the squeeze it often resulted in an aggressive move,” he explained.

Image Courtesy of BTC Jack Sparrow. Chart via TradingView.

Where Will the Next Movement Send Bitcoin

The potentially imminent “aggressive move” that Bitcoin is likely to see could heavily favor buyers.

One analyst noted that a massive bull pennant formed over the past three years could result in a movement to $27,000.

“Bitcoin monthly chart – Once we break this bull pennant, my target is roughly $27,000,” he explained.

Image courtesy of Big Cheds. Chart via TradingView.

While looking towards the above chart, it appears that this pennant will resolve by 2021, meaning that investors could have insight into its validity in the coming five months.

Featured image from Shutterstock.

Charts from TradingView.
Tags: btcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

ripple

Ripple Releases 1 Billion Tokens From Escrow, XRP Declines By 5%

12 hours ago
Bitcoin uptrend

Bitcoin Market Structure Points To New Uptrend, Here’s Why

1 day ago
Bitcoin

Bitcoin (BTC) To Tap Into $30,000 Region Before A Slow Down, Here’s Why

1 day ago
US To Sell 41,500 Bitcoin (BTC) In Four Batches, Crash Inevitable?

US To Sell 41,500 Bitcoin (BTC) In Four Batches, Crash Inevitable?

1 day ago
Bitcoin

Bitcoin Bear Market Over? This Historic On-Chain Signal Suggests So

1 day ago
Bitcoin

Bitcoin Investors Remain Greedy Despite Low Momentum, Why?

1 day ago

Premium Partners

Play Finance

Trending Projects

  • 4 Best Upcoming ICO For 2023

    1 week ago
  • Crypto Investment for Long Term Growth in 2023

    1 week ago
  • 5 Cryptocurrency To Invest In 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
  • Ripple XRP Price Prediction 2023 – 2025 plus 5 Tokens...

    3 hours ago
  • Ethereum Price Prediction 2023 – Why This New Meme...

    7 hours ago
  • Discover Big Eyes Coin And Optimism As They Continue To...

    10 hours ago
  • Ethereum’s Shanghai Upgrade Goes Live April 12...

    10 hours ago
  • Metacade’s Presale Raises an Astounding $15.4m...

    12 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.