Consolidation in Bitcoin May Take Another Year
Bitcoin continued consolidation after eating another rejection in the region below $ 9,000 This has led Bitcoin back to the tight trading range it has had over the past few days. An analyst now estimates that this consolidation will last year-round before publishing a remarkable break that caused BTC to rise to an all-time high.
Bitcoin has been caught in sideways trading over the past few days and weeks. Buyers struggled to gain a remarkable momentum as the heavy resistance set below $ 9,000 did not progress steadily. Just above the current price of BTC, there are a few key levels of resistance that bulls should overcome in the coming days if they need to gain more momentum. It remains unclear whether these levels will disappear any time soon , as an analyst explains that Bitcoin could be consolidated for the rest of the year before starting the next significant uptrend.
Bitcoin Struggles Against Heavy Resistance Levels
At the time of writing, Bitcoin is trading at just under 2% at its current price of $ 8,890. This is also the level it has been consolidating for the past few days.
The latest sideways trading event of the crypto comes after facing another $ 9,200 rejection. The bears have identified this as an incredibly heavy level of resistance that can be reduced to lower levels in the coming days. If buyers can get above this level, the next key resistance that needs to be tightened is $ 9,500. Another harsh rejection at these local high levels could catalyze a serious drawback. An analyst mentioned this current consolidation phase in a recent tweet. It presented a graph showing the importance of these two resistance levels and the multiple rejections that BTC sees here.
“Bitcoin: Meanwhile, it’s stuck in a range and flip levels. Are we going to break $ 9,100-9,200 and go to $ 9,500 or above? ”
Bitcoin Can Consolidate for Months Before Going to Higher Levels
This lateral trade may not end soon.
Another popular analyst announced that Bitcoin was caught in a macro time frame that guided the price movement in a streamer.
“I don’t think BTC will manage to break the diagonal resistance outlined by the end of this year. I’m glad I did it wrong this time. ”
Currently, this model is unlikely to see any significant upward momentum in the near term, as it presses against the diagonal resistance. However, the final break above this key resistance level may occur in 2021 and trigger the price cycle in favor of the next major bull.