Based

Since the April 20 Bitcoin halving, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) price has been consolidating in a wide range that extends from $58,000 to $72,000. However, according to technical chart patterns and various indicators, Bitcoin price could be on the verge of a breakout. The key question that remains is when will Bitcoin break out of consolidation?
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/2ba639e3-9d74-465e-8211-afdb9b50bd3f.png" alt="How long will Bitcoin’s price consolidation last? ">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: <a href="https://www.tradingview.com/x/C8k8Zugd/" rel="dofollow" target="_blank">TradingView</a>
 </figcaption>
</figure>
<h2 id="bitcoin-priced-poised-for-a-september-breakout">Bitcoin priced poised for a “September breakout”</h2>
According to popular crypto analyst Rekt Capital, Bitcoin could potentially break out of consolidation in September.
In a July 30 X post, the analyst <a href="https://x.com/rektcapital/status/1818301724299276645" rel="noopener noreferrer nofollow" target="_blank">wrote</a>,
<blockquote>
 “Bitcoin is still on track for a September breakout.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/85a1d55e-7744-4c2c-8b69-3a45e0ac397b.jpeg" alt="How long will Bitcoin’s price consolidation last? ">
 <figcaption style="text-align: center;">
 BTC/USD weekly chart. Source: <a href="https://x.com/rektcapital/status/1818301724299276645" rel="noopener noreferrer nofollow" target="_blank">Rekt Capital</a>
 </figcaption>
</figure>
Rekt Capital explained that while Bitcoin failed to <a href="https://cointelegraph.com/news/how-long-will-the-bitcoin-consolidation-last">break out of the reaccumulation range</a> in the 100 days following the <a href="https://cointelegraph.com/news/bitcoin-halving-2024">Bitcoin halving</a> in April, such a breakout was “always going to be unlikely.”
The reaccumulation range refers to the period where buyers accumulate more BTC in anticipation of more upward price movement.
From a technical perspective, Bitcoin is seemingly trading in a descending parallel channel, which suggests further upside momentum if the price is able to reclaim $65,000, <a href="https://x.com/rektcapital/status/1807836014758523181/photo/1" rel="noopener noreferrer nofollow" target="_blank">according </a>to the analyst.
<blockquote>
 “Hold $65,000 as support, and Bitcoin will be able to revisit the top of this pattern over time. At worst, Bitcoin would upside wick into the low of $70,000s (blue circle). At best, Bitcoin would break out from this structure entirely.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/392f2b3f-6ef9-4fe4-a2a6-e0eac0b4b27c.jpeg" alt="How long will Bitcoin’s price consolidation last? ">
 <figcaption style="text-align: center;">
 BTC/USD weekly chart. Source: <a href="https://x.com/rektcapital/status/1818759400716484679/photo/3" rel="noopener noreferrer nofollow" target="_blank">Rekt Capital</a>
 </figcaption>
</figure>
According to independent analyst Jelle, based on technical chart patterns, Bitcoin’s price could reverse and break out to the $100,000 mark in the following months. This is the target of a multi-year falling wedge.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/7dd8e1bc-3b13-4ae5-87d1-d52b52c0fc97.png" alt="How long will Bitcoin’s price consolidation last? ">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/CryptoJelleNL/status/1819012589029839019" rel="noopener noreferrer nofollow" target="_blank">Jelle</a>
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/crypto-adoption-financial-advisers">Crypto ready for next phase of adoption: Winning over financial advisers</a>
<h2 id="bitcoin-consolidation-could-be-ending-bollinger-bands">Bitcoin consolidation could be ending - Bollinger Bands</h2>
Anticipation of an “<a href="https://cointelegraph.com/news/bitcoin-bollinger-bands-critical-price-prediction-cryptocurrency-trader">explosive move</a>” in BTC price lingers in the background, as suggested by Bitcoin’s volatility indicator.
For popular trader and analyst Matthew Hyland, <a href="https://x.com/MatthewHyland_/status/1818184077322616952" rel="noopener noreferrer nofollow" target="_blank">tightening</a> Bollinger Bands conditions on the weekly timeframes indicates that a significant breakout is imminent.
The width of the <a href="https://cointelegraph.com/news/bollinger-bands-how-to-use-in-crypto-trading">Bollinger Bands</a>, a classic volatility and momentum indicator, is currently at its “tightest point” since August 2023, when BTC/USD last traded around $30,000.
Hyland also acknowledged that Bitcoin has consolidated in a narrow range of 25% since March 13, and stated that he believes that this long consolidation period is now over.
<blockquote>
 “Now it is starting to squeeze, so the moment is coming. At this point, it will probably come within a month.”
</blockquote>
Hyland also observed that the bands were repeating a similar pattern seen in July 2023, which preceded a 20% surge in Bitcoin’s price within the following four months.
“Bitcoin Weekly Bollinger Bands have only tightened this much twice so far: in April 2016 and August 2023. We are now seeing the same thing once again. Afterward, Bitcoin increased by approximately 20% between August and November 2023.”
The analyst also noted that the Bollinger Bands Width (BBW) indicator was at its “third-tightest level ever,” supporting a possible breakout from consolidation.
Data from TradingView reveals that the BBW has dropped to 20%, levels last seen in October 2023 before <a href="https://cointelegraph.com/learn/what-is-bitcoin-a-beginners-guide-to-the-worlds-first-cryptocurrency#:~:text=Bitcoin%20definition%3A%20A%20number%20guessing%20game&amp;text=According%20to%20the%20algorithms%2C%20new,solve%20pre%2Dspecified%20mathematical%20challenges.">Bitcoin</a> broke out of a multi-month trading range of $25,000 to $32,000, topping $40,000 at the end of 2023.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/8c343b51-619c-4f53-ace2-5fd29f405ca9.png" alt="How long will Bitcoin’s price consolidation last? ">
 <figcaption style="text-align: center;">
 BTC/USD weekly chart. Source: <a href="https://www.tradingview.com/x/Z8h0jdoh/" rel="dofollow" target="_blank">TradingView</a>
 </figcaption>
</figure>
The current reading of 20% follows four months of trading between $58,000 and $72,000, barring occasional brief dips to $55,000.
<blockquote>
 “If history repeats itself, Bitcoin could reach new all-time highs of around $77,000 by November from its current price.”
</blockquote>
It may take “a few more weeks,” Hyland explained, adding that he believes <a href="https://cointelegraph.com/news/bitcoin-price-rally-to-65k-fueled-by-complete-exhaustion-from-sellers-glassnode">Bitcoin is very close</a> to seeing “an explosive move.”
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.

How long will Bitcoin’s price consolidation last?

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