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Bitcoin price consolidation leans toward ‘another leg higher’
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On Oct. 22 Bitcoin (BTC) price entered what some traders predict to be a "consolidation phase" as investors lock in profits following a non-stop run-up in price that began on Oct. 1 and saw BTC increase 55% in just three weeks.
Data from Cointelegraph Markets Pro and TradingView shows that a wave of midday selling on Friday dropped the price of Bitcoin from support at $63,300 down to the $60,000 level.
Here’s what market analysts are saying about Bitcoin's current price action for the short-term.
The current price action is seen as a welcome development for crypto market intelligence firm Decentrader, which suggested that “Bitcoin is likely to progress higher through Q4 of 2021” thanks in large part to the launch of the ProShares Bitcoin
Read more on cointelegraph.comAbout this in other media
Bitcoin price in classic 'Bull Pennant' breakout as BTC whales go on buying spree cointelegraph.com /3 years ago
Bitcoin’s consolidation is ‘normal’ — Analysts set $80K BTC price target cointelegraph.com /3 years ago
Bitcoin price consolidation ‘could be over,’ says trader as Ethereum, Polkadot hit all-time highs cointelegraph.com /3 years ago
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