Price Analysis

Bitcoin Finds A New Consolidation Phase: Here’s What to Expect from BTC Price Rally In H2 2024

The bear market had squeezed profits by over 80% in 2022 but the hopes of a bullish rebound prevailed. As a result, they witnessed a decent recovery phase in 2023, which has intensified since the beginning of 2024. After reaching a particular point, the Bitcoin price seems to be facing a barrier due to the strong presence of bears. They are preventing the BTC price from surging above $72,500 but may not do so for a long time. 

The historical pattern suggests the BTC bulls have initiated a strong upswing at frequent intervals. Soon after the bull-bear market, the tokens enter a minor accumulation phase, which is usually extended for over 10 to 15 months. Although the start of the year was bullish, the token faced a decent correction in the last 2 months. However, having sustained the bearish heat, the BTC price has now entered a ‘green zone’, which indicates the bull run is yet to begin. 

Source: Tradingview

The above historical chart of Bitcoin sheds light on the pattern followed by the token since its inception. As mentioned before, after withstanding the bear market, Bitcoin seems to have completed the recovery phase and entered the ‘Green zone’. This usually indicates the beginning of the bull run but a minor consolidation could persist for some time. Considering the historical figures, the highs for the upcoming bull run could be above $200K but the technicals do not say so. 

The historical monthly chart of the BTC price suggests the price is expected to maintain a consolidated ascending trend for the next 15 to 18 months. If we consider the power of the bulls, it can be concluded that they have used more power in the past 6 months to lift the rally above the bearish influence. Besides, with equal power, the price had hit a new ATH, previously in 2021. Besides, the MACD remains strongly in favour of bulls but also indicates the scope of a retracement. 

Therefore, the historical trade set-up suggests, that the Bitcoin (BTC) price may rise beyond $100K by maintaining an ascending consolidation. However, the upper threshold remains below $200K but it appears unlikely at the moment. 

SOURCE

Leave a Comment

ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT