Bitcoin has been on a rollercoaster ride in the past few years, with the bear market squeezing profits by over 80% in 2022. However, the hopes of a bullish rebound have prevailed, leading to a decent recovery phase in 2023 that has intensified since the beginning of 2024. Despite reaching a particular point, the Bitcoin price seems to be facing a barrier due to the strong presence of bears, preventing it from surging above $72,500.
According to historical patterns, Bitcoin tends to enter a minor accumulation phase after a bull-bear market, which can last for over 10 to 15 months. While the start of 2024 was bullish, the token faced a correction in the last 2 months. Nevertheless, the BTC price has now entered a ‘green zone’, indicating that the bull run is on the horizon.
Analyzing the historical chart of Bitcoin, it is evident that the token has completed the recovery phase and is now in the ‘green zone’, signaling the beginning of the bull run. However, a minor consolidation phase may persist for some time before the price surges further. The highs for the upcoming bull run could potentially exceed $200K, although technical indicators do not confirm this.
The historical monthly chart of the BTC price suggests that the price is expected to maintain a consolidated ascending trend for the next 15 to 18 months. The bulls have shown strength in lifting the rally above bearish influence, with the MACD strongly in favor of bulls but also indicating the possibility of a retracement.
In conclusion, the historical trade set-up suggests that the Bitcoin price may rise beyond $100K while maintaining an ascending consolidation. However, the upper threshold remains below $200K, making it unlikely at the moment. Investors and traders should keep a close eye on the market dynamics to navigate the upcoming price rally in the second half of 2024.
