Bitcoin’s recent struggle around the $60,000 mark has many investors feeling stuck, eagerly awaiting the next big move. According to crypto analyst PlanC, this seven-month pause may be the calm before the storm. As Bitcoin spends more time between $60,000 and $70,000, it appears to be building a solid foundation for a potential breakout.
Could this be the moment we’ve all been waiting for?
Healthy Consolidation Phase for Bitcoin
In the past few months, Bitcoin has faced various challenges, but these have led to what PlanC calls a “healthy consolidation.” This phase has seen Bitcoin spend more time in the $60,000 to $70,000 range than in the $50,000 to $60,000 range.
The last 7 months, though challenging for new investors, have been a healthy consolidation period. We’ve spent more time in the $60k to $70k range than the $50k to $60k range, laying a solid foundation for the next move higher.
Once we break $80k, the probability of… pic.twitter.com/i4hPOxR3S7
— PlanC (@TheRealPlanC) October 10, 2024
This steady price action is vital as it helps create a strong base for future price increases. The ongoing consolidation suggests that investor confidence is growing, which often leads to significant upward movements.
Eyes on the $80,000 Target
One of the most exciting points made by PlanC is the potential for Bitcoin to break through the $80,000 mark. He argues that once Bitcoin surpasses this critical level, the chances of it dropping below $60,000 become very low. This view raises optimism among investors, as breaking the $80,000 barrier could signal the start of a new bullish trend.
Bitcoin Price Analysis
Bitcoin recently fell by 5.3%, hitting a three-week low of $58,900. This drop broke through its upward trend, raising concerns about a possible shift to a downward trend.
But there’s a glimmer of hope! A hammer candle on the 2-hour chart hints at a possible bounce back. Immediate support is at $60,500, with further support levels at $59,900 and $59,100.
On the upside, Bitcoin faces resistance at $61,700, followed by $62,500 and $63,200. The Relative Strength Index (RSI) currently sits at 41, showing neutral momentum but nearing oversold territory. Additionally, the 50-day Exponential Moving Average (EMA) at $62,400 serves as a significant barrier to overcome.
The market is buzzing—what’s your take on Bitcoin’s next move? Join the conversation.
