BTC has declined by 10.85% on monthly charts, An analysts cites 2019 consolidation phase as a sign for upcoming uptrend
An analysts cites 2019 consolidation cycle as a sign for upcoming uptrend.has defied all market predictions. In fact, it has continued to decline despite, market expectations for a rebound.
Despite this decline, the prevailing market sentiment remains optimistic. Inasmuch as analysts continually eye a rebound. For instance, popular crypto analystIn his analysis, Julien highlighted the current sustained consolidation phase. According to the analyst, the current consolidation phase has lasted 175 days.Just like the 2019 cycle, Bitcoin is stuck in a similar consolidation phase. Therefore, if BTC follows the same script, it will result in upward movement.
Therefore, If history was any indicator, we might be on the brink of either a substantial breakout or a continuation of the consolidation pattern.While Julien highlighted one key indicator suggesting a potential reversal, the question is, do the other metrics agree?Firstly, over the past week, large holders inflow has experienced sustained growth from a low of 1.76k to 11.57k at press time. Since investors are buying during the market downturn, it suggests they are dying the dip.
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