Analysis: Bitcoin price consolidation phase will soon end, ushering in a price breakthrough
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Odaily Odaily News: Since Bitcoin fell from its all-time high of more than $73,800, the price of Bitcoin has been consolidating widely between $53,000 and $72,000. However, according to technical chart patterns and various indicators, Bitcoin's consolidation may be coming to an end as the price may be on the verge of a breakout. Cryptocurrency analyst Rekt Capital said that after achieving a bullish weekly close on October 27, Bitcoin may be about to break out of the consolidation phase. Historically, Bitcoin has peaked between 518 and 550 days after the halving. The analyst added that despite the long consolidation period after the halving, "Bitcoin is still accelerating by about 35 days in this cycle." "Therefore, the longer Bitcoin consolidates after the halving, the better the effect of resynchronizing the current cycle with the traditional halving cycle." Bitcoin volatility indicators show that people's expectations for a Bitcoin price breakthrough remain.
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