How long does Bitcoin hold the pace before the next wave?

After reaching its All-Time-High of $73,800, the price of Bitcoin (BTC) has adjusted and continues to fluctuate in a wide range from $53K to $72K. However, according to various technical chart models and different indicators, this adjustment phase of Bitcoin may soon come to an end as the price could be preparing for a new surge.

Bitcoin Price Adjustment Opens Up Potential for Stronger Growth

According to the renowned Crypto Analyst Rekt Capital, BTC may be about to overcome the adjustment phase after recording an impressive weekly close on October 27. In an analysis on October 27 on X, Rekt Capital stated that BTC is nearing a weekly close above $67,900. Data from TinTucBitcoin and TradingView shows that the positive price action of BTC during the period from October 26 to 27 resulted in a weekly close at $67,938, which Rekt Capital considers a "positive outcome."

"BTC is once again close to positioning itself for a more favorable outcome."

In the past, BTC typically peaks within 518 to 550 days after a halving event, Rekt Capital explained in a previous post. Although the adjustment phase after a halving can be prolonged, the analyst continued, "BTC is still accelerating in this cycle by around 35 days or more."

"Therefore, the longer the adjustment phase after a halving, the more beneficial it is to resynchronize the current cycle with the traditional halving cycle."

The End of the BTC Price Adjustment Phase — Bollinger Bands

The expectation of a BTC price surge remains present in the context, as indicated by the Bitcoin volatility indicator. For the Bitcoin Analyst "The Bull" Severino, the contraction conditions of the two-week Bollinger Bands suggest an "imminent major move" is about to occur. The Bollinger Bands width, a classic tool for measuring volatility and momentum, is currently in "one of the three tightest instances in history." According to his analysis shown in the chart below, the only two previous times the two-week Bollinger Bands contracted this tightly were in October 2023 and September 2015. In October 2023, the BTC/USD pair surged from around $26,500, jumping approximately 180% to a new ATH of $73,835 in March 2024. The previous time was in September 2015, leading to an 8,300% increase in the BTC price to the ATH in 2017 near $20,000.

If history repeats itself, BTC could soon break out of the adjustment phase and move towards unexpected price levels in the coming months. Fellow Analyst CryptoCon shared a similar thought, explaining that the two-week Bollinger Bands contraction indicates the Bitcoin bull market is approaching. "This is one of the longest periods in the Weekly Bollinger Band Low Volatility Zone," CryptoCon said in another post on X. "The longer the adjustment, the greater the potential for an increase."

Compiled by Bitcoin News