- 1 Bitcoin is nearly at the 100-day consolidation phase as analysts predict a pump.
- 2 BTC is close to breaking the $71,000 Mark as the price has been tested at this level multiple times.
Bitcoin price has been trading in the consolidation phase for a prolonged time. Crypto investor Jelle pointed out that Bitcoin is following the 2017 cycle and it is close to the 100-day consolidation. Jelle highlights that Bitcoin could rise soon, he is optimistic for the upcoming sessions.
Bitcoin Breakout Incoming
Crypto investor Jelle explained that Bitcoin is maintaining a bullish structure, similar to the 2017 version.
#Bitcoin has been closely following the 2017 bull market playbook.
— Jelle (@CryptoJelleNL) June 4, 2024
If it keeps up the similarities, we'll be leaving this choppy purgatory in about 10 days.
It's time for expansion. You ready? pic.twitter.com/mohEhy3yup
He noted a prolonged consolidation around key resistance levels before smashing the higher levels and said he would be waiting for that expansion to come again. Per Jelle, BTC could shoot up to $85,000.
Bitcoin Price Analysis
Bitcoin’s price has been in a consolidation phase for approximately 100 days, hovering around its all-time highs. However, analysts and experts are forecasting the breakout of BTC in the upcoming sessions.
Bitcoin price is still in the bullish region trading above the 50-day and 200-day exponential moving averages (EMAs). If the price sustains above $70,000, it could see a new all time high.
The price of the BTC asset is currently above both the 50-day and 200-day EMAs, reflecting bullish sentiment in the ongoing trading session. Previously, there was a golden crossover of both EMAs, indicating a strong uptrend.
At the time of writing, Bitcoin value was traded at $69,590, with an intraday surge of 1.16% indicating a bullish momentum. It has grown by 8.90% in a month and stands at a market cap of $1.37 Trillion. Analysts foresee further upward movement in the BTC price in the near future.
Price and Volume Rise on Technical Chart
The volume and price on the technical chart displayed that the trading volume has increased in the last four days and the price has also inclined. In the last few sessions. Hence, the price is expected to grow in the long term.
The price may find support at $66,100 and $65,000, where it could bounce back or stabilize. It may face resistance at $71,000 and $74000, where it could reverse or consolidate.
Summary
Analysts are predicting a boost in crypto price as it nears the 100-day consolidation period. Crypto investor Jelle highlighted that Bitcoin is following a pattern seen in 2017 and is positive about an upcoming rise. Its price has been in a consolidation phase for around 100 days. The king crypto is maintaining gains above key moving averages displaying bullish momentum.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
