Long

<p>According to crypto analysts and traders, Bitcoin’s bullish trend is likely to persist as long as certain key technical structures remain intact. One trader known as “<a href="https://twitter.com/thescalpingpro/status/1786659535974801733?t=UL2LyyIuawa0cjNPRdF1Mw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Mags” on X (@thescalpingpro) </a>argues that the current consolidation above Bitcoin’s all-time high is a bullish sign, suggesting a potential continuation of the upward momentum.</p>
<p>Mags explains that in a strong uptrend, price consolidation within a narrow range often forms patterns like flags or rectangles, which typically lead to upside breakouts and act as continuation patterns. However, if the price consolidates and breaks down, failing to reclaim the previous highs, it could signal distribution rather than re-accumulation, potentially leading to a deeper retracement.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="479" src="https://captainaltcoin.com/wp-content/uploads/2024/05/image-136-1024x479.png" alt="" class="wp-image-486771" srcset="https://captainaltcoin.com/wp-content/uploads/2024/05/image-136-1024x479.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-136-300x140.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-136-767x359.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-136-1536x719.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-136-2048x958.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-136-321x150.png 321w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-136-100x47.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-136-748x350.png 748w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-136-788x368.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-136.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style>
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px">
    <p><strong><a href="https://mileimoneda.io/?utm_source=marketing&amp;utm_medium=inarticle&amp;utm_campaign=cap&amp;utm_id=s1" target="_blank" rel="noopener noreferrer nofollow">Milei Moneda</a></strong> is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president&nbsp;known for his libertarian and pro-Bitcoin stance. You have an opportunity with the <strong><a href="https://mileimoneda.io/?utm_source=marketing&amp;utm_medium=inarticle&amp;utm_campaign=cap&amp;utm_id=s1" target="_blank" rel="noopener noreferrer nofollow">ongoing low presale price</a></strong> to get in early!</p>
    <p><em>Sponsored</em></p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div>
 </div>
</div>
<p>Using chart examples, Mags illustrates two scenarios: consolidation breakdown (distribution) and consolidation breakout (re-accumulation). In the distribution scenario, the price breaks out above the previous all-time high but fails to hold, leading to a deeper retracement. Conversely, in the re-accumulation scenario, the price breaks out and consolidates before continuing its upward trajectory.</p>
<p>Applying this analysis to Bitcoin, Mags notes that the current consolidation above the all-time high could be either re-accumulation or distribution. However, if Bitcoin manages to reclaim the $60,000 area before the weekly close, despite intraday wick breakdowns, it would likely indicate a re-accumulation phase, setting the stage for another leg up. Only a weekly close below the all-time high would be considered bearish and could potentially delay the continuation of the bull run for a few months.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="616" src="https://captainaltcoin.com/wp-content/uploads/2024/05/image-134-1024x616.png" alt="" class="wp-image-486755" srcset="https://captainaltcoin.com/wp-content/uploads/2024/05/image-134-1024x616.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-134-300x180.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-134-767x461.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-134-1536x923.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-134-2048x1231.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-134-250x150.png 250w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-134-100x60.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-134-582x350.png 582w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-134-788x473.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-134.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/this-adam-and-eve-pattern-breakout-reveals-hedera-hbar-next-price-direction-as-floki-gears-for-100-upside/" target="_blank" rel="noopener noreferrer nofollow">This Adam and Eve Pattern Breakout Reveals Hedera (HBAR) Next Price Direction as FLOKI Gears for +100% Upside</a></em></strong></p>
<p>Another trader, Trader <a href="https://twitter.com/TATrader_Alan/status/1786756930217926832?t=2h5IhbkcgYrHfkblyMOgIg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Tardigrade (@TATrader_Alan), </a>presents a bullish case for Bitcoin, suggesting that the cryptocurrency may never close below $56,000 again. According to their analysis, Bitcoin has historically never dropped below the low of the monthly candle during the halving cycle. With the fourth halving’s monthly candle low at $56,000, Trader Tardigrade argues that Bitcoin is likely to continue its upward trajectory from this level.</p>
<p>Adding to the bullish sentiment, <a href="https://twitter.com/TheCryptoLark/status/1786769021280350237?t=CnbId6tvSwS1RMNTk2Fhfw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">crypto influencer Lark Davis (@TheCryptoLark) </a>highlights that spot Bitcoin ETFs have finally ended their streak of outflows. On a recent day, inflows totaled $378.3 million, with Grayscale alone bringing in $63 million, marking the largest day of inflows since March 26th.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="683" height="1024" src="https://captainaltcoin.com/wp-content/uploads/2024/05/image-135-683x1024.png" alt="" class="wp-image-486763" srcset="https://captainaltcoin.com/wp-content/uploads/2024/05/image-135-683x1024.png 683w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-135-200x300.png 200w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-135-768x1152.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-135-1024x1536.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-135-1365x2048.png 1365w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-135-100x150.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-135-233x350.png 233w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-135-788x1182.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-135.png 588w" sizes="(max-width: 683px) 100vw, 683px">
</figure>
<p>While past performance is no guarantee of future results, these analysts’ perspectives suggest that Bitcoin’s bullish momentum could continue, provided key technical structures remain intact and inflows into Bitcoin investment products persist.</p>
<p><em><strong>Hunting for a small cap coin that could explode 10x? We’ve unveiled a few last week alone.<br>Get all our future calls by joining our <a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram community.</a></strong></em></p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/REBEL-SATOSHI-RECQ-MEME-COIN-qndahijqjwle5mml7gg8my30uqig0eo11vxmtat25a.png" width="500" alt="Check $RECQ Meme Coin" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-noopener-noreferrer-nofollow-span-check-recq-meme-coin-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <span>Check $RECQ Meme Coin</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> Buy RECQ Today </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Serves as the base currency for all transactions within the Rebel Satoshi platform <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>ICO stage, offering tokens at a discounted price <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade, <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/bitcoin-will-remain-bullish-as-long-as-this-consolidation-structure-holds-why-btc-may-never-close-below-56k-again/" rel="noopener noreferrer nofollow">Bitcoin Will Remain Bullish as Long as This Consolidation Structure Holds: Why BTC May Never Close Below $56k Again</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Will Remain Bullish as Long as This Consolidation Structure Holds: Why BTC May Never Close Below $56k Again

Table of Contents

CaptainAltcoin

Other articles published on May 5, 2024

Bitcoin May Rally After Technical Signal

Mercado Libre Reveals $29M Bitcoin (BTC) Investment in Latest SEC Filing: A Leap in Crypto Adoption

Everything You Need To Know About Ether Future ETFs

Top Altcoins With High Relief Rally Chances Next Week

Digital Realty (DLR) Surpasses Q1 FFO Estimates Despite Revenue Shortfall: A Deep Dive into Coin ...

Unprecedented Low Crypto Losses in April: Spotlight on CertiK (CTK) Performance

Join our free newsletter for daily crypto updates!