Bitcoin (BTC) Consolidation Preps For Standard Bull Run?

Popular analyst Egrag Crypto pointed to an important indicator for Bitcoin’s upward movement. In a recent Twitter post, the analyst highlighted that

Popular analyst Egrag Crypto highlighted an important indicator for Bitcoin's upward movement in a recent X post. According to the analyst, it is crucial for Bitcoin's (BTC) cycle that the Relative Strength Index (RSI) rises to above 80 to indicate an uptrend. However, in the current cycle, Bitcoin's RSI has not yet achieved this critical breakout.

"It's clear that in every cycle, #BTC #RSI needs to surpass the 80 mark to truly blow the top off. In this cycle, we are still missing the breakthrough of the 80 mark. TIME WILL TELL!"

As highlighted by Egrag Crypto, this decentralization must be followed by the RSI crossing the 80 mark in order for the market to blow to smithereens. Currently, the cryptocurrency has not reached this point; hence, the market is esperantly waiting. Concluding his observation with a simple yet profound statement, Egrag Crypto says, "TIME WILL TELL."

Another popular crypto analyst shared his insights in a recent X post regarding Bitcoin. Agreeing with Price Vision, Rekt Capital highlights the positivity of the current consolidation for the long-term market cycle in his analysis. He points out the fact that BTC has not achieved the breakout in such an early period of the post-halving period.

If BTC were to break out too early, according to Rekt Capital, it would advance the overall cycle of the market to the degree that the bull market itself is shortened. In his view, this consolidation is enabling the range to trend back to typical and definitive historical Bitcoin halving periods, preparing for a more standard bull run.

The analyses of Egrag Crypto and Rekt Capital give an overall view of Bitcoin's positioning within the market cycle. While Egrag Crypto emphasizes the need for the RSI to reach a certain point, Rekt Capital shares bullish sentiments brought about by the extended period of consolidation Bollywood.

The discussion among analysts also underlines the volatility and randomness of Bitcoin's price dynamics. As traders and investors focus on these perspectives, the Bitcoin community questions whether the RSI results will go further than 80, which will lead to another save and sharp increase in the BTC/USD, or the market would consolidate, awaiting a classic bull market.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-consolidation-preps-standard-bull.html

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