Since turning away from its all-time high above $73,800, Bitcoin (BTC) price has been consolidating within a wide range, stretching from $53,000 and $72,000.
Related: ‘Most bullish’ weekly close — 5 Things to know in Bitcoin this week
However, according to technical chart patterns and various indicators, Bitcoin’s consolidation could be nearing an end as the price may be on the verge of a breakout.
BTC/USD daily chart. Source: TradingView
Bitcoin price consolidation sets up “more bullish outcome”
According to popular crypto analyst Rekt Capital, Bitcoin could potentially be on the verge of breaking out of consolidation after achieving a bullish weekly close on Oct. 27.
In an Oct. 27 analysis on X, Rekt Capital said Bitcoin was close to achieving a weekly close above $67,900.
Data from Cointelegraph Markets Pro and TradingView reveals that Bitcoin’s bullish price action between Oct. 26 and Oct. 27 saw the pioneer cryptocurrency produce a weekly close of $67,938, which is a “bullish outcome,” according to Rekt Capital.
“Bitcoin is once again getting very close to positioning itself for the more bullish outcome.”
BTC/USD weekly chart. Source: Rekt Capital
Historically, Bitcoin has peaked between 518 and 550 days after halving, Rekt Capital explained in an earlier post.
Despite the long post-halving consolidation period, “Bitcoin is still accelerating in this cycle by approximately 35 days or so,” the analyst added.
“So the longer Bitcoin consolidates after the Halving, the better it will be for resynchronising this current cycle with the traditional Halving cycle.”
BTC/USD weekly chart. Source: Rekt Capital
BTC price consolidation ending — Bollinger Bands
Anticipation of a breakout in BTC price lingers in the background, as suggested by Bitcoin’s volatility indicator.
For Bitcoin analyst “The Bull” Severino, tightening Bollinger Bands conditions in the two-week time frame indicates that a significant “huge move” is imminent.
The width of the Bollinger Bands, a classic volatility and momentum indicator, is currently “among the three tightest instances in history.”
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