BTC Consolidation Hits ATH, Experts Expect More Traps Ahead

The BTC consolidation hits ATH but the crypto market has yet to see something exciting to come as we will see now in today’s Bitcoin news.

Instead, one technical analyst says that the market should be awaiting instead of a direct moonshot which is consolidation with many traps and deviations of all kinds before the next increase arrives. the belief in the crypto asset has been building with a new wave of interest that boosted the price even higher. A few other analysts guessed that almost a year ago after the Black Thursday crash and the retest of $4000, BTC would have already set a new all-time high.

The rally back in 2020 left the bulls and bears in disbelief even though traders that understand the potential should be totally aware of what it is capable of. The market anticipated BTC smashing through the former record once it reaches this level and not stop but instead, there were a few weeks of consolidation under resistance. While that’s usually seen as a bullish sign and a following continuation of the trend, a breakout will not arrive before the number of traps and shakeouts in either direction as one analyst explained.

As stated, anyone that knows a little about BTC is likely aware of a few other key factors but investors know that post-halving demand starts to outweigh the scarce BTC supply. Traders also know that when $20,000 is breached, the parabolic phase where all of the money will be made should start. They are aware of the incredible valuations that the crypto asset is expected to reach.

With the given potential, profits and value, it is not crazy to assume that there will not be a lot of violent corrections and bull traps as well as bear traps on every turn for the asset to change hands. As the BTC consolidation hits ATH, we can expect more shakeouts our way despite how bullish Bitcoin is. As recently reported, Bitcoin’s price moved between profits and losses with the traders failing to make up their minds about the short-term bias.