Renowned crypto analyst Altcoin Sherpa announced that Bitcoin (BTC) is likely in the midst of a prolonged consolidation period, and he expects this consolidation to result in a significant upward move.
A Roughly Eight-Month Consolidation Period Expected for Bitcoin
Experienced crypto analyst Altcoin Sherpa stated that Bitcoin could consolidate for about eight months before the next bull run, saying, “I wanted to look at a higher timeframe perspective to see where things are at a macro level; I think most of the year will be quite volatile. There has been a nice rise so far, but it seems like there will be a consolidation lasting weeks/months from now.”
The analyst added that Bitcoin’s price movement on the weekly timeframe chart, like in 2019, is showing a rise sitting above its main Exponential Moving Averages (EMAs):
“On a weekly chart, we can see all EMAs gathering and tightening. This usually means the price is getting squeezed and a significant movement is impending; it’s also important to see the price is above all EMAs and turned bullish for the first time within a year. It reminds me a bit of 2019.”
Altcoin Sherpa mentioned that BTC could trade in a broad range with an upper limit of 40,000 dollars and a lower limit of 15,000 dollars during a consolidation phase that could last for months:
“I wouldn’t be surprised to see Bitcoin move between an area with an upper of 35,000-40,000 dollars and a lower of 15,000-20,000 dollars. We might see a lot of sharp drops, rises, and consolidation until the end of the year, and I hope to start seeing some bullish movements in early 2024.”
Predicts Minor Bitcoin and Altcoin Rallies to Trigger Bull Market
The analyst predicts that smaller Bitcoin and altcoin rallies will trigger a continuous bull market for the largest cryptocurrency by market value in early 2024:
“There will be a number of strong bull runs between now and then, but I think it will take at least six-eight months (and probably even longer) before we see any fully-fledged bull market. We will experience mini altcoin seasons like in 2019. However, I don’t see this being a big casino fully embraced by individual investors for a while longer. It’s best to accumulate cash and trade/invest in your favorite environments and probably just touch the grass and enjoy the summer. Don’t lose your money before the bull market comes.”
