Amid Bitcoin’s (BTC) ongoing consolidation just below the $60,000 mark, technical analysis and historical price movement hint at an imminent high for the cryptocurrency.
Notably, Bitcoin’s ‘blue year’ structure guides the timing of the upcoming peak, suggesting that history might already have offered clues for the next peak.
In this line, according to crypto analyst CryptoCon in an X post on August 15, the ‘blue year’ refers to a specific year within Bitcoin’s four-year halving cycle, characterized by a repeating pattern of price movements.
Bitcoin price analysis chart. Source: TradingView/CryptoCon
Bitcoin’s current cycle of 2024
In the current cycle of 2024, CryptoCon observed that Bitcoin has followed a similar path, though with some unique twists. The early part of the year saw a powerful rally from January to March, followed by a prolonged correction.
This extended correction period is somewhat unusual compared to previous cycles, where recoveries occurred more swiftly. Despite this, the underlying pattern appears intact, with Bitcoin’s price following the familiar rhythm of the blue-year structure.
One key aspect of this pattern is the timing of the second significant high, which has typically found its bottom around August in previous cycles. This year’s August drop seems to align with this historical trend, suggesting that Bitcoin may be nearing the end of its current correction phase.
Bitcoin’s next high
Additionally, the timing of new highs has shifted with each cycle: in 2012, the latest high came in January; in 2016, it arrived in December; and in 2020, it appeared in October. Following this progression, the current cycle could see new highs as early as September 2024.
CryptoCon’s analysis also aligns with the broader halving cycles theory, anticipating a significant top in late 2025. Despite minor deviations, Bitcoin’s long-term trajectory appears to follow this established pattern, giving hope to investors and traders eagerly awaiting the next big move.
Overall, as things stand, all elements seem to point to a possible Bitcoin rally in the coming months. For instance, an analysis shared by Trader Tardigrade in an X post on August 16 showed that Bitcoin’s historical consolidation pattern before major bull rallies has emerged again.
The expert noted that Bitcoin is currently undergoing its longest consolidation period yet. Historically, these periods have preceded significant price rallies, propelling Bitcoin to new all-time highs. While this consolidation phase may seem prolonged compared to previous ones, the analyst suggests that the next bull rally is not a matter of “if” but “when.”
“Although $BTC is currently undergoing the longest consolidation among previous ones, we believe the Bull Rally will come as it’s programmed,” the expert noted.
Bitcoin price analysis chart. Source: Trader Tardigrade
Bitcoin price analysis
At the time of reporting, Bitcoin was trading at $58,375 with minimal losses of less than 0.1% on the daily timeframe. On the weekly chart, BTC is down almost 4%.
Bitcoin seven-day price chart. Source: Finbold
Based on the current trading patterns, Bitcoin must avoid further dropping to the $55,000 zone, as such a move would validate bearish sentiments.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
