Bitcoin Roadmap: Analysts Predict Strong Upside Rally After Consolidation

Bitcoin’s price is in a prolonged period of consolidation, sparking intense speculation about its next move. Crypto analyst Mags has outlined a five-step roadmap for the cryptocurrency, suggesting potential significant price movement in the coming months.

According to Mags, the roadmap consists of five phases: 1) Bitcoin breaks its all-time high (ATH), 2) finds support above the ATH, 3) collapses below the ATH, 4) recovers the ATH and 5 ) continuing higher. Currently, Bitcoin is in the fourth phase, having recovered the all-time high and seems ready for further upward movement.

This consolidation period of 92 days and more is the longest in Bitcoin history. Analysts believe that the prolonged period of stability could create the basis for a substantial increase in prices. As Daan Crypto Trades pointed out:

“In general, the longer the consolidation, the greater the subsequent expansion.”

Mags highlighted the importance of this consolidation phase, stating that “Once the price breaks out of this consolidation range, we will see a massive upward rally.” This sentiment is shared by other analysts, who have noted the potential for significant price movement once the consolidation period ends.

In comparison, Bitcoin’s previous consolidation phases were significantly shorter. For example, after the 2020 halving, Bitcoin experienced a 21-day consolidation before reaching a new ATH of $69,000 in November 2021.

Source: Daan cryptocurrency exchanges

Since reaching an ATH of $73,679 on March 13, Bitcoin has remained in a tight 26% trading range. Its lowest point during this period was $58,253 on May 2. At the time of writing, Bitcoin was trading at $67,413, according to data from CoinMarketCap. This phase of lower trading volume and volatility is typical of periods of consolidation, suggesting that the market is gathering momentum for its next big move.