Based

Since turning away from its all-time high above $73,800, Bitcoin’s price has been consolidating within a wide range from&nbsp;$53,000 to $72,000. 
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/most-bullish-weekly-close-5-things-bitcoin-this-week" rel="" target="_self" text="null" title="https://cointelegraph.com/news/most-bullish-weekly-close-5-things-bitcoin-this-week">‘Most bullish’ weekly close — 5 Things to know in Bitcoin this week</a>
Still, according to technical chart patterns and various indicators, Bitcoin’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) consolidation may be nearing an end and the price could be on the verge of a breakout.
<figure>
 <img alt="Cryptocurrencies, Bitcoin Price, Bitcoin Analysis, Markets, Cryptocurrency Exchange" src="https://s3.cointelegraph.com/uploads/2024-10/0192d2a6-90db-7bcb-ae15-1f8828b157ad" title="">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/dVlv0q9Y/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/dVlv0q9Y/">TradingView</a>
 </figcaption>
</figure>
<h2 id="strong-bitcoin-price-consolidation-sets-up-more-bullish-outcome-strong">Bitcoin price consolidation sets up “more bullish outcome”</h2>
According to crypto analyst Rekt Capital, Bitcoin may be near breaking out of consolidation after achieving a bullish weekly close on Oct. 27.
In an Oct. 27 analysis on X, Rekt Capital <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1850529666177626527" rel="null" target="null" text="null" title="null">said</a> Bitcoin was close to achieving a weekly close above $67,900.
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> reveals that Bitcoin’s bullish price action between Oct. 26 and 27 saw the pioneer cryptocurrency produce a weekly close of $67,938, a “bullish outcome” according to Rekt Capital.
<blockquote>
 “Bitcoin is once again getting very close to positioning itself for the more bullish outcome.”
</blockquote>
<figure>
 <img alt="Cryptocurrencies, Bitcoin Price, Bitcoin Analysis, Markets, Cryptocurrency Exchange" src="https://s3.cointelegraph.com/uploads/2024-10/0192d2a7-6419-756a-b3c5-7923a64420f5" title="">
 <figcaption style="text-align: center;">
 BTC/USD weekly chart. Source: <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1850529666177626527" rel="null" target="null" text="null" title="https://x.com/rektcapital/status/1850529666177626527">Rekt Capital</a>
 </figcaption>
</figure>
Historically, Bitcoin has peaked between 518 and 550 days after halving, Rekt Capital <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1849371336797208891" rel="null" target="null" text="null" title="null">said</a> in an earlier post.&nbsp;
Despite the long post-halving consolidation period, “Bitcoin is still accelerating in this cycle by approximately 35 days or so,” the analyst added.&nbsp;
<blockquote>
 “So the longer Bitcoin consolidates after the Halving, the better it will be for resynchronising this current cycle with the traditional Halving cycle.”
</blockquote>
<figure>
 <img alt="Cryptocurrencies, Bitcoin Price, Bitcoin Analysis, Markets, Cryptocurrency Exchange" src="https://s3.cointelegraph.com/uploads/2024-10/0192d2a8-01db-72dc-aa45-ece9c27ea389" title="">
 <figcaption style="text-align: center;">
 BTC/USD weekly chart. Source: <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1849371336797208891" rel="null" target="null" text="null" title="https://x.com/rektcapital/status/1849371336797208891">Rekt Capital</a>
 </figcaption>
</figure>
<h2 id="strong-btc-price-consolidation-ending-bollinger-bands-strong">BTC price consolidation ending — Bollinger Bands</h2>
Anticipation of a breakout in BTC price lingers in the background, as suggested by Bitcoin’s volatility indicator.
For Bitcoin analyst “The Bull” Severino, <a data-ct-non-breakable="null" href="https://x.com/tonythebullBTC/status/1849799074515460345" rel="null" target="null" text="null" title="null">tightening</a> Bollinger Bands conditions in the two-week time frame indicates that a significant “huge move” is imminent.
The width of the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bollinger-bands-how-to-use-in-crypto-trading" rel="null" target="null" text="null" title="null">Bollinger Bands</a>, a classic volatility and momentum indicator, is currently “among the three tightest instances in history.”
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-nurses-5-dip-warning-bitcoin-60k" rel="null" target="null" text="null" title="null">BTC price nurses 5% dip amid warning Bitcoin can still ‘flush’ to $60K</a>
According to his analysis shown in the chart below, the only other two times the two-week Bollinger Bands were this tight were in October 2023 and September 2015. 
In October 2023, the BTC/USD pair rose from about $26,500, rallying 180% to an all-time high of $73,835 in March 2024.
The other time was in September 2015, preceding an 8,300% rally in BTC price to 2017’s all-time high near $20,000.&nbsp;
<figure>
 <img alt="Cryptocurrencies, Bitcoin Price, Bitcoin Analysis, Markets, Cryptocurrency Exchange" src="https://s3.cointelegraph.com/uploads/2024-10/0192d2a9-029d-724e-8176-ec4fe19f38ca" title="">
 <figcaption style="text-align: center;">
 BTC/USD two-week chart. Source: Source: <a data-ct-non-breakable="null" href="https://x.com/tonythebullBTC/status/1849799074515460345" rel="null" target="null" text="null" title="null">Tony “The Bull” Severino</a>
 </figcaption>
</figure>
If history repeats itself, Bitcoin could soon break out of consolidation to unprecedented levels over the next few months.
Fellow analyst CryptoCon <a data-ct-non-breakable="null" href="https://x.com/CryptoCon_/status/1850616416329974066" rel="null" target="null" text="null" title="null">shared</a> a similar sentiment, saying that the tightening two-week Bollinger Bands suggested that the Bitcoin bull market is next.
“This is one of the longest times spent in the Low Volatility Zone of the Weekly Bollinger Band Width,” CryptoCon <a data-ct-non-breakable="null" href="https://x.com/CryptoCon_/status/1849130737695387748" rel="null" target="null" text="null" title="null">said</a> in another post on X.
“The longer the consolidation, the more the upside.”
<figure>
 <img alt="Cryptocurrencies, Bitcoin Price, Bitcoin Analysis, Markets, Cryptocurrency Exchange" src="https://s3.cointelegraph.com/uploads/2024-10/0192d2ab-ffd4-7c90-a620-6a8a65de725c" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/CryptoCon_/status/1850616416329974066" rel="null" target="null" text="null" title="https://x.com/CryptoCon_/status/1850616416329974066">CryptoCon</a>
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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How long will Bitcoin’s price consolidation last?

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