Although Bitcoin is still sideways, cyclical patterns remain on track
Bitcoin has set a new record for the time spent in a mid-cycle consolidation phase between market cycle peaks.
It has been in this phase for eight months, according to technical analyst ‘CryptoCon', this cycle is still playing out like its predecessors.
The analyst used Fibonacci retracement levels to divide market cycles into different levels.
“This sandwich is cold every cycle between stages 2 and 3, which creates a long time on the side.”
Don't worry you're not crazy… #Bitcoin is going sideways for a long time.
In fact, we've now set a record for the most time we've spent in Episode 2 at almost 8 months!
But can you see that this time is still not different?
It was a different cycle, called… pic.twitter.com/f3IX1GepyW
— CryptoCon (@CryptoCon_) October 15, 2023
Side loop sandwich
Bitcoin has been trading sideways since March, when it transitioned from a lower level to a lower level, where it currently stands.
In the first cycle, Bitcoin spent six months in this transitional phase. In cycle two, He was there for six months in 2015. The third cycle had a long sideways platform in 2019 and early 2020, and the pattern was repeated in 2023 in the current market cycle.
Analysts are also predicting a pivot point in November, which could be a final climb before a more sustained climb.
Most of them are logged in. Agreement That the next cycle will actually start in April or May of the next year in half day. In the meantime, it will be more exhausting before the end of this year with a dump.
On October 16, analyst ‘CrediBULL Crypto' updated its short-term forecast, saying it was cautious at current levels.
Observed the clear side/accumulated below and moving upwards. “However, we know that this move was mainly driven by short squeezes and low volume – a search for liquidity rather than a move up from strong sudden emo.
For added perspective, here's another view to show why I'm being cautious here.
We had a clear sideways/accumulation below and are now seeing a move to the upside but we know this move was driven primarily by short squeezes and low volume- a… pic.twitter.com/8uPU3JA3Ly
— CrediBULL Crypto (@CredibleCrypto) October 16, 2023
BTC Price Outlook
Bitcoin It is currently trading at $27,210 after touching the $27,000 level during the Asian trading session on Monday morning.
The destroyed property Most weekends Trading in a tight range at the $26,850 zone before Monday's exit.
However, BTC lost 2.7% in the last seven days, unable to break the resistance at $28K.
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