BTC Price Prediction: How Long Until Bitcoin Price Breaks Out of Consolidation Phase?

BTC Price Prediction: Over the past two weeks, the Bitcoin price has strictly resonated between the $28800 and $26600 levels. However, this narrow range is part of a bigger bullish reversal pattern that set the BTC price to a higher level. Thus, the ongoing consolidation could assist buyers to replenish bullish momentum and extend the prior recovery rally.

Key Points

The weekly chart showcasing the lower price rejection candles at the $26600 mark indicated the buyers are aggressive at lower levels.
A bullish breakout from $28800 will release Bitcoin from the ongoing consolidation phase.
The intraday trading volume in Bitcoin is $20.63 Billion, indicating a 3.3% loss.

BTC Price Prediction Source-Tradingview

During March’s second week, the Bitcoin price witnessed a massive inflow and breached the $25000 neckline resistance of the inverted head and shoulder pattern. This pattern is one of the famous reversal patterns and is often spotted at a downtrend bottom.

Thus, with the completion of this pattern with neckline breakout, the Bitcoin price is set for a potential target of $34250. However, the traders are currently witnessing a minor consolidation meant to check post-breakout sustainability at higher levels.

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The weekly candle showcasing two long-tail rejection at $36650 indicate the buyers are defending the newly reclaimed levels. As the bullish momentum recuperates, Bitcoin should break the $28500 overhead resistance by the coming week.

Anyhow, the buyers will need a daily candle closing above the $28500 resistance as confirmation to resume the prior recovery.

However, besides the $34250 target, the potential rally may face an in-between resistance at the $32000 mark.

Technical Indicator

MACD: in the weekly chart, the MACD(Blue) and signal(Orange) lines entering the bullish territory indicates the overall market sentiment as bullish.

Exponential Moving Average: The Bitcoin price has shown sustainability above the 20-and-100-weekly EMAs line, indicating the ongoing recovery rally could obtain pullback support from them.