Since the Bitcoin price rebounded from lows below $40,000, the token has not only remained consolidated, but trading volume has also decreased significantly. Each time the price surges above $43,000, there will be a surge of bearish activity, causing the cryptocurrency to regain its initial position. Considering the current trading setup, it appears that BTC price may remain range-consolidated for longer, which could have a positive impact on the cryptocurrency.
BTC price began February trading in the same range, maintaining the $43,000 level. This has kept the market in a position of equilibrium where deciphering the next possible move can be a tedious task. Therefore, popular analysts say Michael van de PoppeThey say BTC price could trade in a high and low range of $49,000 to $38,000 in the coming months.
The analyst also believes that following the ongoing consolidation, the price will soon begin a pre-halving run to hit $48,000. Moreover, he predicted that the price could trigger a subtle uptrend and hit a new ATH in the third or fourth quarter of 2024.
“Bitcoin is rangebound and the market is in balance.
I see scope-limited construction over the next few months.
Following the consolidation, we pre-halved the final run towards $48K before a breakout towards ATH in the third quarter of 2024.”
Bitcoin price is currently working hard to break out of the crucial symmetrical triangle, and a bullish daily close above $43,700 could validate this move. However, this may not be considered a rise beyond the bearish impact as a noticeable rise above $44,500 to $44,800 could give the bulls a significant boost to the price above $45,000. If the bulls remain above this level until the halving, it could trigger a new BTC price rally and hit new highs, as analysts said.