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In the cryptocurrency world, Bitcoin struggled to find a stable direction, fluctuating between $57,000 and $60,000 throughout August 2024. The difficulty in determining direction is being closely monitored by renowned analyst Peter Brandt and other experts. Brandt noted a megaphone or expanding triangle formation in Bitcoin’s price chart, suggesting potential price fluctuations.
Is Bitcoin’s Consolidation Process Still Ongoing?
Despite being the world’s largest cryptocurrency by market value, Bitcoin has recently struggled to find a clear direction. Brandt emphasized that the megaphone formation seen in weekly and daily charts indicates Bitcoin is testing both extremes in its current consolidation process. The upper boundary of the formation is close to Bitcoin’s all-time high of $73,835, while the lower boundary has found support between $52,000 and $55,000. The wide range indicates significant fluctuations at critical levels for Bitcoin.
According to Brandt, Bitcoin has neither surpassed the $73,835 resistance nor fallen below the $52,500-$49,000 support range. The movement within this price range suggests the market is still in a consolidation phase, and a clear direction for Bitcoin’s next major move has yet to be determined.
Is the End of Consolidation Near?
CryptoQuant analyst AxelAdlerJr believes Bitcoin’s market consolidation process is nearing its end. However, recent data shows increasing demand for Bitcoin; daily token transfer volume rose from $650,000 to $765,000. Although part of the increase is due to panic selling, the market’s stability indicates strong ongoing interest in Bitcoin.
Typically, the end of a consolidation phase means smaller price changes and less volatility. In other words, the process shows that investors have reached an agreement on the asset’s value. Recent developments for Bitcoin suggest the current price range could establish a new lower boundary and support future price increases.
A Look at Bitcoin’s Price
As of now, Bitcoin is trading at $59,436, experiencing a 2.2% drop in the last 24 hours. Bitcoin’s market value has fallen to $1.176 trillion, while its dominance remains at 55.81%. However, Bitcoin is struggling to maintain the critical $60,000 level. Since July 22, Bitcoin has fluctuated within a 40% range, moving between $49,842 and $69,799.
If Bitcoin manages to rise above $60,000, it could potentially climb towards the $61,000 level. However, failing to maintain this level could see the price drop to the $54,000 range in the short term.
