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The world’s leading cryptocurrency Bitcoin has been in a consolidation phase for the last 100 days, staying below $72,000. This prolonged stability phase is often seen as a period where the market builds pressure. Additionally, when a significant resistance level is broken, it can result in a substantial price movement. According to analyst Jelle, Bitcoin is preparing for a major surge, and the next rise could be imminent.
Consolidation Phase for Bitcoin
During consolidation phases, an asset’s price typically fluctuates within a narrow range while gaining momentum for its next big move. In the case of Bitcoin, $72,000 has served as a critical resistance level. When Bitcoin surpasses this threshold, it is likely to trigger a significant increase in buying activity and propel the price to new highs. Jelle suggested that this breakout would be unstoppable and lead to a significant increase in Bitcoin’s value.
The concept of building market pressure is similar to compressing a spring. The longer the consolidation period, the greater the potential energy stored in the market. When this energy is finally released, it can result in a strong and rapid price movement. For Bitcoin, surpassing the $72,000 barrier could release this pent-up energy and sharply increase the price.
When Bitcoin Surpasses $72,000
According to Jelle’s analysis, when Bitcoin surpasses the $72,000 level, it could quickly rise to a new target range between $93,000 and $97,000. This target is based on historical price patterns and the market’s behavior during previous consolidation and breakout phases. The anticipated increase represents a significant gain from current levels and marks an all-time high for the cryptocurrency.
Investors are closely monitoring Bitcoin’s price movements for signs of a breakout. The cryptocurrency market is notorious for its volatility, and significant price movements can occur rapidly. As Bitcoin approaches the $72,000 level, market anticipation and excitement are becoming evident.
100 Days of Calm
Although this ongoing calm for the last 100 days has been disappointing for many investors, it can be seen as the calm before a major move. Bitcoin‘s significant price movements after such long consolidation periods have historically offered high returns to investors.
Therefore, if Bitcoin breaks the $72,000 level, history may repeat itself, and the market could witness a new wave of increases. If analyst Jelle’s predictions are correct, the coming weeks could see significant activity in the cryptocurrency markets.
