The crypto market is currently experiencing a seven-month consolidation period, but experts are anticipating that this could come to an end soon
.There are multiple reasons why the recent rally could indicate the beginning of a new bull run, including the similarity between October 2024 and 2023 price movements, the impact of Bitcoin halvings and elections, and seasonal trends
.
Bitcoin’s current estimated leverage ratio is low, at around 32%, which historically suggests a less volatile market
.
The recent production of higher lows and higher highs in the Bitcoin market suggests a shift in allegiance toward buyers, with the price now predicted to reach $70,000
.
If Bitcoin can break past the declining trend line connecting the lower highs formed since the all-time high of $73,805, it could lead to a retest of $70,000 and possibly a new all-time high
.
Conversely, if the $65,000 support level fails, a reversal could see the price slip back to the lower end of the ongoing consolidation.
