Key Points
- Bitcoin’s 92-day consolidation could lead to a price rally, traders predict.
- BTC is currently trading above $67k.
Bitcoin has recorded a 92-day consolidation period, as noted by important traders via X. Usually, the longer the consolidation, the larger the expansion of the coin’s price.
Pseudonymous crypto trader Daan Crypto Trades posted recently via his X account that BTC has seen more than 90 days of consolidating near the previous cycle’s ATH.
The trader continued and said that when BTC breaks higher, we can expect to see another price rally, following such a long period of price consolidation.
In a previous cycle after the 2020 Bitcoin halving, there was a 21-day consolidation period before BTC broke out, and the coin eventually hit an ATH of $69,000 in November 2021.
Bitcoin has been in a consolidation phase since it hit its ATH of almost $74,000 on March 13, 92 days ago. Consolidation periods are times when BTC’s trading volume and volatility are lower than usual.
Bitcoin is trading above $67k
At the moment of writing this article, BTC is trading above $67,000 after a sudden spike above $68,000 just earlier.
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Despite recent price volatility during the past few days ahead of important economic US data and amidst an unexpected miner capitulation phase, BTC remains surrounded by optimistic predictions.
On June 12, the CPI report came out showing eased inflation. Also, following the FOMC meeting, the Fed decided to leave the interest rates unchanged at 5.25% to 5.50%.
Recently, Mike Novogratz said that we could see BTC reaching $100,000 in 2024 in a crypto-friendlier political climate. So far, Trump has been proven to be the most supportive Presidential candidate for the crypto industry.
Earlier today, it’s been reported that Microstrategy has announced its intentions to raise $500 million to buy more Bitcoin. This will be done through a convertible senior note offering, with the option of an additional $75 million.
In an official release, MicroStrategy wrote that the notes will be insecure, senior obligations of the firm, and will bear interest payable semi-annually in areas on June 15 and December 15 of each year, beginning on December 15, 2024.
The same notes revealed that MicroStrategy intends to use the net proceeds from the sale of the notes to buy more Bitcoin and for general corporate purposes.
