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<p>The post <a href="https://coinpedia.org/news/why-legendary-analyst-says-bitcoins-consolidation-phase-is-far-from-over/">Why Legendary Analyst Says Bitcoin’s Consolidation Phase Is Far From Over</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin</a>, the world’s largest cryptocurrency by market cap, has struggled to gain traction this month. With its price consolidating between $57,000 and $60,000, leading analysts to question whether Bitcoin is nearing the end of this consolidation phase or if further price corrections are ahead.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-consolidation-or-breakout">Bitcoin: Consolidation or Breakout?</h2> 
<p>Legendary crypto analyst Peter Brandt has highlighted the formation of a megaphone or broadening triangle pattern on Bitcoin’s price charts. This pattern is evident on both weekly and daily charts as Bitcoin remains in its current consolidation phase.</p> 
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   <p lang="en" dir="ltr">Charts of continuing interest are Bitcoin and Ether.<br>Weekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTC<br>No declaration of next trend yet <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> will remain defensive unless/until close above 3050 occurs <a href="https://t.co/aEESwhX5oC">pic.twitter.com/aEESwhX5oC</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1826013246664618227?ref_src=twsrc%5Etfw">August 20, 2024</a>
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<p>According to Brandt, Bitcoin’s megaphone pattern shows the price testing both ends of its range. The upper boundary of this pattern is near the all-time high (ATH) of $73,835, while the lower boundary has found support between $52,000 and $55,000. This suggests that Bitcoin is experiencing significant volatility as it navigates these key levels.</p> 
<p>Further into the analysis Brandt points out that <a href="https://coinpedia.org/news/is-bitcoin-about-to-explode-analyst-predicts-a-69k-surge-after-recent-drop/" target="_blank" rel="noreferrer noopener">Bitcoin has not yet</a> broken above the $73,835 resistance or fallen below the $52,500-$49,000 support. This indicates that the market is still in a consolidation phase, with no clear direction established for its next major move.</p> 
<h2 class="wp-block-heading" id="h-is-consolidation-nearing-end">Is Consolidation Nearing End?</h2> 
<p>Meanwhile, <a href="https://cryptoquant.com/insights/quicktake/66c475d81f00ab5dee7ee67a-Increased-demand-for-Bitcoin-signals-market-consolidation-finale?utm_source=telegram&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=axeladlerjr" target="_blank" rel="noreferrer noopener nofollow">CryptoQuant analyst believes</a> Bitcoin might be close to finishing its market consolidation phase. However, recent data shows increased demand for Bitcoin, with a rise in daily token transfer volume from $650,000 to $765,000 as Bitcoin approached $60,000.&nbsp;</p> 
<p>Although this increase in volume was due to some panic selling, but the market’s stability despite this suggests strong interest in Bitcoin.</p> 
<p>Usually, the end of consolidation means smaller price changes and less volatility as investors agree on the asset’s value. For Bitcoin, this could mean the current price range is setting a new lower limit, which might help support future price growth.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-movement">Bitcoin Price Movement</h2> 
<p>As of now, Bitcoin is currently trading at $59,436, reflecting a drop of 2.2% in the past 24 hours. Bitcoin’s market capitalization has fallen to $1.176 trillion, while its dominance remains at 55.81%.</p> 
<p>However, <a href="https://coinpedia.org/news/bitcoin-btc-drop-59k-could-a-bitcoin-supply-shock-send-prices-soaring/" target="_blank" rel="noreferrer noopener">Bitcoin continues to struggle</a> to maintain the crucial $60,000 level, which has been a key focus for traders recently. Since July 22, Bitcoin has been fluctuating within a 40% range, moving between a low of $49,842 and a high of $69,799.</p> 
<p>If Bitcoin manages to break above the $60,000 mark, it could potentially rise towards $61,000. However, if it fails to maintain this level, the price might decline further toward the $54,000 range in the short term.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/altcoins-set-to-surge-1065-days-after-bitcoin-peak-october-2024-expected-for-big-gains/" target="_blank" rel="noreferrer noopener">Altcoins Set to Surge 1,065 Days After Bitcoin Peak: October 2024 Expected for Big Gains</a></p>

Why Legendary Analyst Says Bitcoin’s Consolidation Phase Is Far From Over

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