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Experienced crypto analyst Faibik told followers that Bitcoin (BTC) is consolidating. The analyst mentioned that for Bitcoin bulls to see a potential rally of over 5%, the leading cryptocurrency needs to break the resistance level at $52,400.
The Critical Hurdle for a Rise: $52,400
Anonymous crypto analyst Faibik recently highlighted in a Bitcoin analysis that the largest cryptocurrency is currently consolidating between $51,000 and $52,400. According to Faibik’s analysis, for Bitcoin to gain upward momentum, it is crucial to break through the resistance level at $52,400. The analyst believes that overcoming this resistance barrier could trigger a significant rally and push Bitcoin’s price beyond current levels.
Looking at the price chart shared by Faibik, it is observed that Bitcoin has been consolidating since February 14, moving within a narrow trading range with a bottom of $51,000 and a top of $52,400. This consolidation indicates a struggle for price control between buyers and sellers, signaling a period of indecision in the market while a decisive move in either direction is anticipated.
Two Possible Scenarios for Bitcoin’s Next Move
For Bitcoin bulls, surpassing the resistance level at $52,400 is a key target that corresponds to a show of strength and could ignite the fuse for an uptrend. Breaching this resistance zone could inspire confidence among investors and traders, renewing buying interest and potentially leading to a rise in Bitcoin’s price.
However, if the $52,400 resistance level is not breached, it could lead to an extension of Bitcoin’s consolidation phase and potentially a range-bound trading period. In such a scenario, the price of the largest cryptocurrency could continue to move within the defined range until sufficient buying or selling pressure emerges to shift the balance.
On the other hand, if Bitcoin’s price fails to stay above the support level of $51,000 and exits the consolidation range, it could signal the bears’ strength and provide an opportunity to drive the price downward. In this scenario, it is possible that BTC‘s price could move below the $50,000 level.
