If BitcoinThe price continues to fluctuate, which has made determining its next trajectory a major discussion within the general cryptocurrency community, with several analysts pointing to several developments that could fuel BTC’s next move, both positive and negative.
Bitcoin is in a healthy consolidation phase
Market expert and enthusiast, that’s what PlanC has offered an insightful perspective for the community regarding Bitcoin’s long-term price trend in recent months. The market expert’s perspective states that the ongoing consolidation phase of BTC may be preparing the digital asset for its next major move upward.
After a period of volatility, BTC’s price traded within a tight range, with investors and traders keeping a close eye on key resistance and support levels. This period of price consolidation is viewed by PlanC as a potential launching pad for the digital asset’s next price breakthrough.
According to the analyst, this phase has been a healthy phase in the past seven months, even though it was difficult for new investors and traders trying to navigate the crisis inconstancy. During this period, the crypto asset has spent more time between the $60,000 to $70,000 level then in the $50,000 to $60,000 range, providing a strong foundation for the coming upward move.
Moreover, the analyst is confident that once the consolidation phase ends and BTC breaks the $80,000 price barrier, the chances of the coin ever falling below $60,000 again will be incredibly low.
Although PlanC’s forecast is a bit difficult to understand, it is marked that the setup will become clear in hindsight when Bitcoin crosses the $100,000 level early next year. Moreover, when BTC reaches around $200,000 by the end of next year, the analyst stated that the plan will become much clearer in retrospect.
PlanC’s prediction is part of a broader picture prospects of Bitcoin are preparing for an impending major rally that could send the coin to new all-time highs in the short and long term, demonstrating the strong optimism surrounding BTC’s potential.
BTC’s Bearish Move Still On?
As BTC failed to surpass the $64,500 resistance level on Monday, the crypto asset is in a downtrend and its price fell to around $58,900 on Thursday. However, BTC has shown brief resilience today after a recovery to $60,800, fueling hopes for a sustained price recovery.
While digital assets continue to struggle due to the macroeconomy and geopolitical turmoil, positive sentiment around BTC remains strong among investors. investors. The positive sentiment could be driven by bullish past trends that we have seen over the years following the Bitcoin Halving event, which has historically foreshadowed massive price increases.
Featured image from Unsplash, chart from Tradingview.com