Bitcoin on pause: The Bull Run is not happening now!

The crypto market is experiencing a turbulent year in 2024, marked by significant price fluctuations. However, as we continue, the focus is once again turning to Bitcoin. Despite a current consolidation phase, signs of a bullish recovery are multiplying.

Temporary Bitcoin Consolidation 

Although Bitcoin recently crossed the symbolic $70,000 mark, buoyed by speculation surrounding the approval of an Ethereum ETF, it has failed to maintain these high levels. Indeed, selling pressure brought BTC back down below $70,000. Nonetheless, this consolidation seems to be only temporary, as historical trends suggest an imminent bullish breakout could be on the horizon.

According to Rekt Capital, a weekly closure above $71,500 could trigger a bullish breakout. However, historical data indicates that Bitcoin could still consolidate for several more weeks. Indeed, this consolidation phase would allow the leading crypto to realign with previous halving cycles, paving the way for a more sustainable rally.

An Opportunity to Seize for Investors 

For savvy investors, this consolidation period represents an interesting opportunity. Indeed, on-chain indicators reveal impressive underlying strength. For example, the TD Sequential indicator currently presents a buy signal on the Bitcoin hourly chart, suggesting a potential short-term rebound.

Long-term Bitcoin holders (hodlers) seem determined to keep their holdings, even against prices exceeding $70,000. This reluctance to sell underscores the growing perception of Bitcoin as a store of value rather than a mere speculative asset.

In the immediate term, Bitcoin’s crucial support level sits around $67,500. Maintaining above this level could pave the way for a rally to $74,500. However, if BTC breaks this support, a new 5% correction towards $64,000 could be possible.

Although Bitcoin is currently undergoing a consolidation phase, all signals converge towards an upcoming bullish rally. Whether it’s technical analyses, on-chain indicators, or hodlers’ behavior, everything indicates that the leading crypto is gearing up for a new bullish cycle. Savvy investors would therefore do well to stay alert to the next developments in the crypto markets.