Bitcoin Coils For Breakout: Analysts Say On Consolidation

On Friday, Bitcoin (BTC) saw a price action of over $60,000 in trading after a fast sell off. It saw a high crypto volatility from support $63,000 to $60,800. Over the course of an hour, it led to a liquidation of $62.13 milion in long position.

On May 10, Bitcoin was trading at  $61,041 with a decrease of 1.14% on the 24-hour trading chart.

After the Bitcoin Halving event of 2024, bitcoin trading experienced a horizontal price fluctuation and with passing time the price fluctuations show similarity to the earlier bitcoin halvings. This is surprising because Bitcoin witnessed the highest ever pre-halving in its history in 2024.

Experts Take On Bitcoin (BTC) Consolidation

• Market analyst Rekt Capital in his recent twitter post stated, “The more Bitcoin consolidates anywhere between current price levels & $70,000 after the Halving… The more this cycle will decelerate and resynchronise with its regular historically-recurring Halving Cycle with a Bull Market peak in mid-September/October 2025,” he further added, “Current rate of cycle acceleration has been reduced from 260 days to ~210 days, thanks to Bitcoin’s current two-month consolidation period.”

In his post, he tweeted that “The Bitcoin ‘Post-Halving’ Danger Zone (purple) is over,” and nodded beware to investors that, “Bitcoin won’t remain at the bottom of this Re-Accumulation Range forever. Enjoy it while it lasts.”

• On thursday, the co-founders of on-chain data firm Glassnode made a prediction that the things we going to stay bullish for a long term. They tweeted, “Bitcoin still looks like it is about to BLOW higher!”. They further added, “Last week’s candle was a Reversal Candle – a Hammer with a long Wick. Price moved back into the Pennant Structure. This candle still dominates the structure,” according to them, “This week’s pullback hence seems like healthy Correction before higher. Corrections often pull back either 50% or 61.8% of the previous Impulse move.”

• Captain Faibik, Crypto Market Analyst, stated that, “Breakout is just a matter of time,” according to Faibik Bitcoin will rise to $78,000 in a matter of time. He highlighted the current going consolidating of low going wedge pattern.

• Crypto researcher Axel Adler Jr. also made his assumptions by saying, “metric turns positive, the market will have a chance to move higher.” he emphasised on the  “Market Power indicator,” which will certainly show the tides shift in favour of bulls.

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Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.