- Analysts are split on the state of the current crypto market, as Bitcoin enters a ranging phase.
- Some believe that the coin is set to burst out of the blocks over the next month, likely breaching its previous all-time high.
- Others predict Bitcoin will remain in its accumulation phase for the foreseeable future, as investors prepare for the final quarter of the year.
- No matter what, the outlook from most analysts is bullish for Bitcoin – bar one particular commentator… Can you guess who?
Bitcoin appears to have entered a consolidation phase, following a downturn to start July and an impressive fightback to close it. After dropping as low as US $52k (AU $80k), BTC ended up tickling its US $70k (AU $106k) resistance level before settling around US $66-8k (AUD ~$100k).
Ultimately, the market’s most powerful coin is still up nearly 10% over the past month, and looks poised to re-break the US $70k (AU $106k) milestone if it can turn around its current short-term decline.
And if Bitcoin manages this feat, several analysts believe that the coin will explode to post yet another all-time high in 2024.
Related: Analysts Discuss Bitcoin’s Surge Past $68K, Fuelling Social Commentary and Short-Term Holder Gains
Longer Consolidation Phase Might Mean Longer Breakout Pattern
Bitcoin’s historic cycles have typically followed a similar pattern post-halving.
According to Titan of Crypto, the current bull run is entering its second phase – where BTC typically “goes berserk”.
However, this prediction may be a little preemptive, according to some other crypto commentators. While, in general, the above graph is historically accurate – the post-halving timing is a little off.
Prominent social media poster and analyst Rekt Capital believes that past performance indicates BTC will sit inside this “Re-Accumulation Range” for the next few weeks. Basically, they are suggesting Bitcoin will fluctuate between US $65-70k as investors settle their portfolios and price in the news.
According to Rekt Capital, Bitcoin is only in day 110 of its “acceleration cycle” – where it is already about 150 days ahead of schedule on previous cycles. So while most investors are keen on BTC bursting through the US$71k barrier and smashing new all-time highs, the analyst predicts a longer consolidation phase will equate to a longer bull run.
Jim Cramer is Back. I Repeat, Jim Cramer is Back.
And if all of the above wasn’t bullish enough, we have the best news of all for Bitcoin maximalists.
Fox host, notorious flip-flopper and infamous analyst Jim Cramer has changed his tune on crypto once again – now predicting Bitcoin is on its way down.
If there’s a stronger buy signal than Cramer turning bearish, I’m yet to see it.
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