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In a recent analysis, prominent crypto analyst Ali Martinez highlighted a compelling pattern in Bitcoin’s price movements following its halving events. Martinez pointed out that around the last two halving events, Bitcoin experienced significant consolidation periods before resuming its bull run.
Notably, Bitcoin consolidated for 189 days in 2016 and 87 days in 2020 before the upward momentum kicked in again. Currently, BTC has been consolidating for 60 days, suggesting a potential breakout brewing.
Martinez’s observation is supported by a chart depicting the start of previous bull runs, which typically commenced with a strong buying wave leaving a long tail on the three-day candle. During the accumulation phase post-halving, Bitcoin’s price tends to move within a certain range.
Around the last two #halving events, #Bitcoin consolidated for an extended period — 189 days in 2016 and 87 days in 2020 — before the bull run resumed.
So far, $BTC has consolidated for 60 days! pic.twitter.com/qosvd2z4JN
— Ali (@ali_charts) April 30, 2024
The breakout from this range historically symbolizes the onset of a bull rally. In 2016, the breakout point was $770 per BTC, while in 2020, it stood at $10,222. Now, Martinez marks the upper limit of the current range at $71,642.
Despite Bitcoin’s current trading below $62,000 per BTC, the analysis emphasizes that the true bull market signal is yet to manifest. It seems the real rally will only begin when significant buying activity is observed on the chart, propelling Bitcoin’s price above $70,000 and beyond.
Thus, Martinez’s analysis suggests that if history is any indication, Bitcoin could be gearing up for a significant surge in the next 120 days at most.
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