$64,000 Breakout Looms: Traders Prepare for Bitcoin’s Next Move After Consolidation
- Bitcoin is expected to consolidate between $57K and $62K before potentially breaking out above $64K.
- A 1-2 day consolidation period is anticipated as traders evaluate market trends and strength.
- The $64K level is seen as a critical resistance point that could determine Bitcoin’s next major price movement.
Market experts believe that BTC is likely to range between $57K and $62K after reaching the $62K level. As this continues to gather pace, traders are looking forward to a breakout above $64,000 as its price in Bitcoin. Many people expect such a higher level of resistance will force many market participants to expect a dramatic change in the market situation.
Probably we’ll have 1-2 days of consolidation on #Bitcoin, however we’ve already tested $62,000.
A test of $64,000 will likely bring the big breakout we’re looking for.
The build-up is massive.
— Michaël van de Poppe (@CryptoMichNL) October 13, 2024
Brief Consolidation Before Next Move
In the coming days, Bitcoin may see 1-2 days of consolidation, as the market adjusts after its recent push to $62,000. Consolidations of such sort usually occur when people in the trading business pause for sometime to evaluate the market trend and the strength. Today, the preconditions for a powerful trend formation can be observed, which could indicate that Bitcoin enters a new phase of its price surge.
The price of bitcoin has already been drawn to a critical level of $62,000 in recent digital currency trading. Experts are claiming that the next big barrier is set to be in the region of $64,000, a level that could be a potential hurdle to more increases in the Bitcoin value. A test and a breakout above $64,000 could mean continuation of the Bitcoin rally, and many traders keep an eye on the price.
The Next Breakout on the Horizon?
Market activity is still bullish; many people are correctly positioned for the market to break either up or down. If Bitcoin manages to regain the $64,000 level, it is thought that it will be the critical value that will determine the further evolution of Bitcoin’s price. Although this is one of the reasons why there could be a slowdown of trading activity during the consolidation phase it should not last very long as the trend shows that there is a positive sentiment for stocks.
Users of this digital currency are closely observing the price fluctuations of Bitcoin and most of them believe that this cryptocurrency will break through the $64,000 mark to turn into the next movement.
