Analysis: Bitcoin price consolidation phase will soon end, ushering in a price breakthrough

Since Bitcoin retreated from its all-time high above $73,800, the price of Bitcoin has been consolidating in a wide range between $53,000 and $72,000. However, based on technical chart patterns and various indicators, Bitcoin’s consolidation may be coming to an end as the price may be on the verge of a breakout. Cryptocurrency analyst Rekt Capital claims that Bitcoin may be about to break out of the consolidation phase after achieving a bullish weekly close on October 27. Historically, Bitcoin has peaked between 518 and 550 days after the halving. The analyst added that despite the long consolidation period after the halving, “Bitcoin is still accelerating around 35 days or so in this cycle.” “Therefore, the longer Bitcoin consolidates after the halving, the better it will resynchronize the current cycle with the traditional halving cycle.” Bitcoin volatility indicators show that expectations for a Bitcoin price breakout remain.