Cryptocurrency Bitcoin has struggled to find a stable direction, fluctuating between $ 57,000 and $ 60,000 throughout August 2024. The difficulty in determining the direction is being closely monitored by famous analyst Peter Brandt and other experts. Brandt stated that there is a megaphone or expanding triangle formation on Bitcoin’s price chart, suggesting that this pattern indicates potential price fluctuations.
Is Bitcoin’s Consolidation Process Over Yet?
Despite being the world’s largest cryptocurrency by market cap, Bitcoin has been struggling to find a clear direction lately. Brandt said the megaphone formation seen on weekly and daily charts, BitcoinHe emphasized that the current consolidation process is testing both extremes. The upper limit of the formation is close to Bitcoin’s all-time high of $73,835, while the lower limit has found support between $52,000 and $55,000. The wide range shows that Bitcoin is experiencing significant fluctuations at critical levels. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
According to Brandt, Bitcoin has yet to break above the $73,835 resistance or break below the $52,500-$49,000 support range. The movement within the range suggests that the market is still in a consolidation phase and there is no clear direction for Bitcoin’s next major move.
Is Consolidation Coming to an End?
Analyst AxelAdlerJr from CryptoQuant believes that Bitcoin is nearing the end of its market consolidation period. However, recent data shows that demand for Bitcoin is increasing; Daily token transfer volume increased from $650,000 to $765,000. While some of the increase was due to panic selling, the stability in the market suggests that Bitcoin continues to have strong interest.
Usually, the end of a consolidation period means smaller price changes and less volatility. In terms of value, the process indicates that investors have reached agreement on the value of the asset. For Bitcoin latest developments It could mean that the current price range could set a new lower bound and support future price increases.
A Look at Bitcoin Price
As of now, Bitcoin is trading at $59,436, down 2.2% in the last 24 hours. Bitcoin’s market cap has fallen to $1.176 trillion, while its dominance remains at 55.81%. However, Bitcoin is struggling to maintain the critical $60,000 level. Since July 22, Bitcoin has fluctuated within a 40% range, moving between $49,842 and $69,799.
If Bitcoin manages to break above $60,000, it could potentially rally towards $61,000, but if it fails to maintain that level, the price is likely to drop to the $54,000 range in the short term.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
