has been consolidating lately, even as stocks make a strong comeback and erase their previous losses. Although the cryptocurrency has lagged behind the broader market, several factors now seem to be aligning, signaling that Bitcoin might be ready to catch up.
Technically, the cryptocurrency is forming a bullish triangle pattern, indicating potential bullish momentum. Furthermore, the market is increasingly about the rate cuts in September, which could provide a tailwind for risk assets like Bitcoin.
While a high percentage of market participants are still holding bullish positions, concerns about potential profit-taking persist. Nevertheless, the overall sentiment remains positive, suggesting that investors are optimistic about a return to the bull market.
The coming weeks will be crucial for Bitcoin’s price trajectory, as a breakout from the triangle pattern could signal a resumption of the uptrend.
When Will We Finally See the Halving’s Effects on Price?
One of the biggest events in Bitcoin this year, besides the launch of spot ETFs, was the halving in April. Despite expectations of a rapid rise towards $100,000, Bitcoin has remained in a broad consolidation with a downward trend.
However, analyst Rekt Capital highlights a pattern from previous cycles: significant price increases typically gain momentum around 160 days after halving. If this pattern holds, we might see a stronger upward movement in September or October.
Additionally, miners are playing a role in the bullish narrative. According to CryptoQuants data, miners have recently achieved new peaks in the Hash Ribbons indicator, which tracks computing power through the Hash Rate.
This suggests that miners likely won’t need to sell their Bitcoin holdings to sustain mining operations and maintain computing power.
Is Bitcoin’s Triangle Breakout a Good Time for a Long Entry?
Bitcoin’s current consolidation has formed a triangle pattern, which typically suggests a bullish outlook. A breakout above the upper boundary of this triangle could signal an upward move, aligning with the long-term upward trend.
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