Following its initial climb above $90,000 on November 12, 2024, Bitcoin (BTC) has been fluctuating between approximately $91,000 and $108,000. Some experts are hopeful that BTC could burst out of this price range in an upward direction after predicting a ‘final sell-off.’
Bitcoin Consolidation Nearing Its End?
crypto expert Trader Tardigrade has recently offered an analysis on Bitcoin’s price trends, suggesting that it may be nearing a final selloff before undergoing a substantial surge. This potential surge, according to the expert, could mark the end of Bitcoin’s extended period within a specific price range. The analyst added:
At the moment, the feeling towards the crypto market isn’t positive. Frankly, I’d even be glad if there’s a dip in the next few days to wrap up this ongoing trend. In January 2024, Bitcoin went through its final sell-off on the 27th bar during consolidation, right before a significant recovery. If things follow a similar pattern, we might see that final sell-off either today or tomorrow. After that event, Bitcoin is expected to make a powerful comeback.
Trader Tardigrade provided a chart showing similarities between Bitcoin’s current movement and its pattern in January 2024. During that time, BTC experienced a 53-day consolidation, followed by a final selloff, and then surged dramatically, increasing from approximately $39,000 to reaching up to $71,000.
Notably, Bitcoin’s ongoing consolidation period has extended beyond the 50-day mark. If Bitcoin adheres to its January 2024 pattern, a potential final selloff might take place around January 13th or 14th next year.
A different cryptocurrency expert, known as CryptosBatman, noted the narrowing Bollinger Bands on Bitcoin’s three-day graph. They emphasized that the Bollinger Bandwidth has nearly hit an excessively sold-out stage, expressing this observation.
Historically, these low prices have often indicated a local minimum point. Interestingly, the price range (bandwidth) is narrower now than it was when Bitcoin was priced at $50,000, implying that the bottom could be near.
For those new to this concept, Bollinger Bandwidth refers to a value calculated from Bollinger Bands, which indicates the gap between the upper and lower bands in relation to the moving average. This measurement is frequently used to spot times of reduced volatility, possibly suggesting impending breakout instances that could offer profitable opportunities.
Crypto Analysts Foresee A Positive 2025
Despite some Bitcoin investors feeling frustrated due to its current period of stability (consolidation), numerous analysts continue to express optimism, believing that digital currencies will experience positive effects from several advantageous factors in the upcoming months.
To illustrate, crypto businessman Arthur Hayes forecasts that Bitcoin could surge during Q1 2025, primarily due to the U.S. Federal Reserve’s (Fed) move to introduce more money into the American economy by means of money printing.
In a similar vein, crypto expert Dave The Wave predicts that Bitcoin could reach its maximum value by summer 2025. Currently, Bitcoin is valued at approximately $96,424, representing an increase of 4.9% over the last day.
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2025-01-15 06:40