Bitcoin Consolidation Ends Soon? Key Dates Identified for Breakout
- Peter Brandt prdicts Bitcoins brkout window btwn Fbrury 24-26, highlighting intrnl mrkt symmtry.
- Ky rsistnc t $106,000 nd support t $90,500 could dtrmin its nxt big mov.
- Trdrs lik Crypto Rovr, Don Alt, nd Crypto Trgt nticipt mjor pric shift soon.
Bitcoin hs bn moving within tight rng, but mrkt vtrn Peter Brandt hs idntifid crucil window tht could dtrmin its nxt big mov. His nlysis points to Fbrury 24-26 s th priod whn BTC my finlly brk fr from consolidtion.
Brndts ltst ssssmnt mphsizs structurd pric ction, with BTC oscillting btwn highs of pproximtly $106,000 nd lows nr $90,500. H nots tht th mrkt structur xhibits intrnl symmtry, suggsting blncd movmnt tht could soon ld to dcisiv brkout.
Th pric chrt prsnts pttrn of thr clr pks nd four lows, indicting tht th cryptocurrncy is coiling up for significnt shift. Brndt rmins nutrl on th dirction, highlighting tht Bitcoin could ithr rlly pst rsistnc or dip blow ky support.
Bitcoins Bullish and Bearish Scenarios
Svrl fctors contribut to th potntil outcoms for Bitcoins pric movmnt. On th bullish sid, th cryptocurrncy hs dmonstrtd rsilinc by holding bov support lvls multipl tims. If Bitcoin brks bov th $106,000 rsistnc, rlly towrd nw highs could b imminnt.
On th othr hnd, th brish scnrio looms s Bitcoin hs rptdly fild to brch th $106,000 rsistnc. Additionlly, th ADX indictor t 31.80 signls wk momntum. A drop blow $90,500 might triggr stp sll-off, intnsifying downwrd prssur.
Mrkt nlysts hv lso wighd in on its currnt stt. Crypto xprt Mils Dutschr highlightd tht BTCs 30-dy rlizd voltility is lowr thn in prvious months. Historiclly, BTC rmins in consolidtion phs during such priods until ctlyst shks up th mrkt.
Traders Eye $110K Target Next
Trdr Crypto Rover obsrvd symmtricl tringl pttrn in Bitcoins chrt, indicting tht th sst hs bn ccumulting momntum. Rover mphsizd, Th longr th consolidtion, th biggr th brkout. This suggsts tht Bitcoins nxt mov could b substntil onc voltility rturns.
Anothr prominnt trdr, Don Alt, holds bullish prspctiv, noting tht th $99,000 to $101,000 rng is th lst mjor rsistnc bfor it ntrs pric discovry. H rgus tht fw strong dily cndls could flip mrkt sntimnt, lding to significnt pric surg.
Mnwhil, trader Crypto Target pointd out th formtion of conscutiv highr lows suggsts tht buyrs r stpping in t incrsing pric lvls, rinforcing n upwrd trjctory. A crucil rsistnc lis btwn $98,000 nd $100,000, which Bitcoin must surpss to confirm brkout.
If it brks through this rsistnc with strong volum, nlysts prdict n immdit push towrd $110,000 or vn $112,000. This would signl th strt of nw bullish cycl, potntilly proplling Bitcoin to frsh ll-tim highs.
Related Readings | Senate Banking Committee to Hold Key Hearing on Crypto Regulations
Read more: https://www.tronweekly.com/bitcoin-consolidation-ends-soon-key-dates-identified-for-breakout/
Text source: TronWeekly
