How long will Bitcoin’s price consolidation last?
Bitcoin has been consolidating between $108,268 and $91,000 since it first surpassed $90,000 on November 19. Analyst Rekt Capital suggests this price action may signify the end of its initial price discovery correction after a bullish close above $91,000 on January 14. Historically, Bitcoin's corrections have lasted three to four weeks, with this current 4-week phase appearing to be in its final stages. Trader Tardigrade predicts final capitulation may occur shortly, potentially leading to a significant rebound soon after. Additionally, tightening Bollinger Bands indicate that volatility could prompt a breakout, as observed in past patterns when the bands tightened like this. Investor sentiment has become more bullish, particularly influenced by upcoming political events, including the presidential inauguration of US President-elect Trump on January 20, which may further propel Bitcoin prices. The options market shows renewed interest in call options at $100,000 and $120,000 strike prices, reflecting traders' optimism. Overall, anticipation surrounds a potential upward shift in Bitcoin's price within the coming days.
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