Bitcoin remains steady at $62K as a veteran analyst compares the current consolidation phase to the 2015 phase.
Bitcoin’s price has shown minimal movement in the past 24 hours, staying near the $62,000 mark. Market conditions also remain neutral, with little change observed since yesterday. The ongoing consolidation phase has triggered discussions among analysts, drawing parallels to historical patterns in the crypto’s price behavior.
Current Market vs. 2015’s Breakout
Michael van de Poppe, a renowned market veteran, pointed out similarities between Bitcoin’s current market activity and the 2015 breakout. According to van de Poppe, Bitcoin has spent over 200 days consolidating within a narrow range, much like the 8-month period that preceded a breakout in 2015.
More than 200 days have been spent within this range for #Bitcoin.
This is comparable to the final stages of 2015, which took 8 months before a breakout took place.
We all know what happens after.
Big consolidation = massive breakouts. pic.twitter.com/tPc5e3CZNw
— Michaël van de Poppe (@CryptoMichNL) October 9, 2024
His observation is that prolonged consolidation phases tend to result in massive breakouts. During such periods, the Relative Strength Index (RSI) often hovers around neutral levels, indicating a lack of strong market momentum. His chart places Bitcoin’s RSI between 50-55, which shows the ongoing consolidation rather than a clear bullish or bearish trend.
Historical Cycles and Future Predictions
Notably, Brandt, another veteran analyst, holds similar sentiments, recently highlighting the post-halving period as an important phase for Bitcoin’s price growth. Brandt emphasized that, historically, substantial gains have followed the second half of the halving cycle. He projected that Bitcoin could reach $135,000 by August or September 2025.
However, Brandt also noted that a close below $48,000 would invalidate his analysis, signaling caution despite the otherwise optimistic outlook. This aligns with his observations that the recent pause since March 2024 might be a temporary break in an ongoing upward trend.
Whale Activity Signals Market Shift
Meanwhile, whale activity within the Bitcoin market is experiencing notable changes, according to Crypto Rover. His data, derived from CryptoQuant, shows a shift in realized market capitalization from older, established whales to newer market participants.
This change has been gaining momentum since mid-2023 and represents a significant alteration in Bitcoin’s ecosystem. The recent influx of new capital, particularly from newer whales, could indicate the start of a new phase in Bitcoin’s price cycle.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
