As Bitcoin‘s price continues to fluctuate, determining its next trajectory has become a major discussion within the general cryptocurrency community, with several analysts pointing to various developments that could ignite BTC’s next move, either on the upside or downside.
Bitcoin Is In A Healthy Consolidation Phase
Market expert and enthusiast, PlanC has offered an insightful perspective to the community regarding the lengthy price trend of Bitcoin in the past few months. The market expert’s perspective argues that the ongoing consolidation phase of BTC might be preparing the digital asset for its next significant move on the upside.
Following a period of volatility, the price of BTC has been trading in a tight range, with investors and traders keeping a close eye on important resistance and support levels. This period of price consolidation is considered by PlanC as a possible launchpad for the next price breakout of the digital asset.
According to the analyst, this phase has been a healthy one in the past seven months, even though it has been difficult for new investors and traders trying to navigate the volatility. During this period, the crypto asset has spent more time between the $60,000 and $70,000 level than in the $50,000 to $60,000 range, establishing a strong base for the upcoming upward move.
Furthermore, the analyst is confident that once the consolidation phase ends and BTC breaks through the $80,000 price mark, the likelihood of the coin ever falling below $60,000 again will be incredibly low.
While PlanC’s prognosis is a bit difficult to comprehend, he highlighted that the setup will become clear in retrospect when Bitcoin surpasses the $100,000 level early in the following year. In addition, when BTC reaches about $200,000 by late next year, the analyst stated that the plan will become much more evident in hindsight.
PlanC’s forecast is part of a broader outlook of Bitcoin gearing up for an impending major rally that could send the coin to a new all-time high in the short and long term, demonstrating the strong optimism around BTC’s potential.
BTC’s Bearish Movement Still On?
Since BTC failed to surpass the $64,500 resistance level on Monday, the crypto asset has been on a downtrend, and its price dropped to about $58,900 on Thursday. However, BTC has showcased brief resilience today after rebounding to $60,800, fueling hope about an extended price recovery.
Even though the digital asset continues to struggle due to macroeconomics and geopolitical turmoil, positive sentiment around BTC continues to hold strong among investors. The positive sentiment could be driven by bullish past trends witnessed over the years following the Bitcoin Halving event, which has historically been a precursor for massive price upswings.
Featured image from Unsplash, chart from Tradingview.com
