Bitcoin eyes $70k after breaking out of the consolidation

Bitcoin has been recognized to have been in a consolidation phase for almost 50 days. It is closer to the historical record of 63 days. However, analysts are apprehensive about the potential next surge once BTC concludes its depressing phase. Its price movement has been mostly within the restricted zones of $61,000 and $63,000. It is only recently that it navigated its way out of that shell.

For reference, BTC is trading around $63,123.07, up by 3% in the last 24 hours at the time of writing this article. This has triggered speculation that a jump to $70,000 is imminent. A tentative timeline is hard to draw, but BTC’s future projection sticks to the traditional trajectory of chasing $100k by the end of this year.

Analysts have even marked an uptick in their respective predictions by saying that BTC could end 2024 at as high as $150,000.

Bitcoin Halving concluded in the middle of April 2024. Experts have long predicted that the surge would take time, but it will be sufficient to mitigate the decline. The latter has been fulfilled, and all eyes are on a surge. BTC is expected to bounce back to a higher swing if its rising FUD is anything to go by. There has been an increase in Bitcoin whale activity, which contributes to the accumulation aspect.

The 24-hour volume, which is up by 7.13%, further justifies it.

The bull run, when it gets triggered, is expected to last from the middle of September to October next year, which is 2025. A move toward $70,000 will signal the cycle’s deceleration. Rekt Capital, for one, believes that it will lead to a bull market peak during that time window.

Any kind of increase is likely to have a domino effect across the crypto market. In one way, Ether relies on an optimistic trend to save itself from a fire point of less than $3,000. ETH has already broken the resistance of $3,100, and the market is now expecting a further downfall.

For reference, the price of ETH is currently $3,044.00, up 2.19% over the past 24 hours and down 13.97% over the past 30 days.

Sentiments around Bitcoin are a blend of positive and negative. Positive speculations suggest that Bitcoin has completed its retracement back to a low. Therefore, they are expecting a rise shortly. Negative speculations state that BTC could still drop a few points before marking an upswing on the price chart. Bulls will appreciate a restricted movement on the graph as they attempt to make a strong pull.

Needless to say, Bitcoin’s future is bullish, irrespective of the ongoing discussions. However, it remains subject to vitality and uncertainty.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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