Bitcoin Price Consolidation Nearing End, Analysts Predict Breakout

According to BlockBeats, since Bitcoin's decline from its all-time high of over $73,800, its price has been consolidating between $53,000 and $72,000. However, technical chart patterns and various indicators suggest that this consolidation phase may soon conclude, with Bitcoin potentially on the verge of a breakout. Cryptocurrency analyst Rekt Capital noted that following a bullish weekly close on October 27, Bitcoin might be nearing the end of its consolidation stage. Historically, Bitcoin tends to peak between 518 and 550 days after a halving event. The analyst added that despite the prolonged consolidation period post-halving, Bitcoin has accelerated by approximately 35 days within this cycle. Rekt Capital emphasized that the longer Bitcoin consolidates post-halving, the better it aligns the current cycle with traditional halving cycles. Volatility indicators for Bitcoin show that expectations for a price breakout remain high.