Bitcoin Price Consolidation, Fractals, and Analysts Indicates Another Bull Run

Sahaj  |  Oct 23, 2021

Bitcoin price, as indicated by the market data aggregators, is currently sitting at a notable distance from the all-time high that it attained recently. However, despite the fact that the price charts are showing the negative movement of Bitcoin, the analysts are suggesting that the historical data and fractals are pointing toward another leg up.

Bitcoin Price Consolidates, is it Ready to go on Another Bull Run?

As revealed by the analysts, on October 22, the price of Bitcoin has made an entry into the consolidation phase, as the investors have reportedly booked their profits from the coin and have taken a decent advantage of the bull run.

It should be noted that the data shared by leading market data aggregators revealed that a wave of mid-day selling on Friday had a vital role to play in pulling the price of Bitcoin down to the level of $60,000.

In accordance with what analysts believe, the crypto market is welcoming the recent price actions of Bitcoin as it is most likely that Bitcoin is going to explode in the fourth quarter of the year 2021. A big thanks to the launch of ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy Fund (BTF).

Decentrader Analysis Suggests BTC Price Will Rest at $72,000

Decentrader, an intelligence firm carried out an analysis and revealed that:

“The current Bitcoin fractal pattern suggests that the next major stop higher for Bitcoin would be $72,000 if momentum can be maintained, after which the 1.618 extensions suggests around $88,000 would prove to be a target of interest."

The firm laid an emphasis on explaining that the price is at a crucial point right now and said:

“Price is at a critical pivot point at the time of writing – any corrections towards $50,000 we consider buying opportunities and price appreciation into low funding coupled with increasing open interest suggesting Bitcoin could be ready for another leg higher.”

Related News