As Bitcoin navigates 92 days of consolidation, the crypto community is closely watching the next big move. Notably, this prolonged phase of stability, which is now the longest in Bitcoin history, has been seen as the calm before a significant price storm by some crypto analysts.
Crypto analysts like Mags have been particularly vocal about potential changes to Bitcoin’s price trajectory, detailing a five-step roadmap that could signal major future gains.
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Bitcoin’s Path Towards Higher Prices
This roadmap, as described by Mags, outlines a cycle of overshooting, pulling back, and then firmly establishing new support levels above Bitcoin’s all-time high (ATH). So far, the cryptocurrency has recovered its previous ATH from 2021, positioning it at a critical juncture that could precede another substantial price rise.
According to Mags, this recovery phase is critical as it sets the stage for the potential upward trajectory, aligning with historical data that suggests prolonged consolidations often lead to explosive moves.
Despite bearish sentiments reflected in last week’s 6.8% decline and a 4.2% drop in the past 24 hours, taking Bitcoin to $66,767, analysts stay optimistic about its long-term prospects.
Mags emphasizes that the market could witness a significant recovery once Bitcoin breaks out of this consolidation range.
#Bitcoin Roadmap for the coming months 🤝
1) Price surpasses ATH
2) Price finds support above ATH
3) Price drops below ATH
4) Price recovers ATH (we are here)
5) The price remains higher pic.twitter.com/fVOvf0FiW4-Mags (@thescalpingpro) June 13, 2024
Expert Strategies for Navigating Bitcoin’s Next Big Leap
Mag’s point of view is supported by RektCapital, which notes the importance of synchronization with historical post-halving cycles suggesting that a premature breakout could shorten the expected bull run.
Gert van Lagen’s recent discoveries further enrich the analytical perspective. According to van Lagen, the Bitcoin price chart forms a ‘Cup with Handle’ pattern on the 3-day chart, a bullish signal traditionally heralded for its reliability in predicting substantial price increases.
His analysis suggests that Bitcoin could rise to up to $300,000 if the pattern continues. Van Lagen’s observations added a layer of technical validation to the optimistic forecasts, reinforcing the sentiment that significant gains could be on the horizon.
In light of recent price actions and historical comparisons, RektCapital offers strategic advice to investors, emphasizing the value of patience and timing in capitalizing off market lows.
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He defenders buying during crises – a strategy once famously summarized by Baron Rothschild to “buy when there is blood in the streets”, including himself during particularly hard times.
“Buy when there is blood in the streets…”
Baron Rothschild made a fortune buying FOMO when people panicked and sold
But the second part of his quote isn’t recited as often
“…even if the blood is yours.”
You often go against yourself to be profitable#BTC #Crypto #Bitcoin
-Rekt Capital (@rektcapital) June 13, 2024
This approach is often repeated across the crypto investment space, where experienced traders often view dips as opportunities rather than setbacks.
Featured image created with DALL-E, TradingView chart