This article has been republished with permission from Binance News.
According to CryptoPotato, Bitcoin has set a new record for the time spent in a mid-cycle consolidation phase between market cycle peaks, having been in this phase for eight months. Technical analyst ‘CryptoCon’ stated that this cycle is still playing out the same as previous ones, using Fibonacci retracement levels to split market cycles into different phases. Bitcoin has been trading sideways since March, moving from the bottom phase to the transition from the low stage, where it currently remains. Analysts predict a pivot point in November, with a possible final flush-out before a more sustained move upwards. The next cycle is expected to begin in earnest after the halving event in April or May next year.
As of October 16, analyst ‘CrediBULL Crypto’ updated his short-term predictions, remaining cautious at current levels. He observed a clear sideways/accumulation below and a move to the upside, driven primarily by short squeezes and on low volume. Bitcoin is currently trading at $27,210, having reclaimed the $27K level during Monday morning’s Asian trading session. However, BTC has lost 2.7% over the past seven days, failing to break resistance at $28K.