The post BTC has declined by 10% yet it’s in declining bullish consolidation appeared on BitcoinEthereumNews.com.

BTC has declined by 10% over the past 30 days, yet it was in declining bullish consolidation. An analyst eyed a new ATH, based on previous consolidation cycles. Bitcoin [BTC], the largest cryptocurrency, has experienced a sharp decline over the last weeks. In fact, at press time, the king coin was trading at $57736 after recording a 9.58% decline in the past week. The month of August saw the crypto experience an extremely volatile market. The period saw the crypto drop to a local low of $49k before making a moderate recovery. Despite the recent decline, BTC is still 16.6% above its recent local low, consolidating in a declining yet bullish trend. Equally, it was 59.94% above the yearly low of $38505 recorded earlier this year. These indicators and market behavior have left analysts predicting a repeat of a bull run 2.0 to a new record high. For instance, popular crypto analysts Mags eyes a new record high, citing historical cycles. Market sentiment In his analysis, Mags cited the previous two cycles with monthly consolidation, resulting in another bull run. Based on the cycle analogy, after BTC hits a bottom and then a local top, a period of consolidation follows, which is later preceded by a strong bull run. He shared his analysis through X (formerly Twitter), noting that, “Bitcoin – Bull run 2.0 Incoming. The current monthly consolidation on BTC looks a lot like the previous cycle when the price surged all the way to its all-time high.” Source: X This argument points to the previous bull run, which resulted from months of consolidation. Notably, consolidation plays a crucial role in stabilizing the markets. This period allows the market to absorb recent price action, thus preventing extreme volatility. Also, it helps in the reduction of speculative pressure since short-term…

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Filed under: News - @ September 3, 2024 2:06 am