Bitcoin Stuck In Another Sideways Range: Where Do We Go From Here?

Bitcoin’s (CRYPTO: BTC) sideways price action sparked new discussion about the halving cycle theory playing out correctly.

What Happened: Technical analyst CryptoCon thinks Bitcoin could be set for a second early top, or “echo high” in August. The halving cycle theory proposes that every major high in Bitcoin’s value is followed by a secondary peak, which CryptoCon refers to as an “echo high.”

The analyst noted that August has twice been the month for second early tops, specifically in 2012 and 2020. CryptoCon further highlighted that the “echo highs” for the “blue years” (election years) have historically occurred in January and February, with March also falling within the expected range.

Daan Crypto Trades flagged the presence of liquidity at nearby levels. The trader estimated that if Bitcoin chases its June 7 highs, it could break all records. He also highlighted downside wicks around $63,000-$63,500, indicating potential long stops below.

#Bitcoin With a couple of lower highs in close proximity of each other.

Likely for a lot of liquidity to sit above these levels in the form of stop losses/liquidation levels from shorts.

Seeing it's also at all time high, I think once we take the June 7th high we'll break all.… pic.twitter.com/O4B0CA0dBM

— Daan Crypto Trades (@DaanCrypto) July 30, 2024

Also Read: Bitcoin As Store Of Value? Goldman Sachs CEO David Solomon Sees Such A Case

Why It Matters: While these historical trends can provide insights, they do not guarantee future performance.

Still, many traders refer to previous cycles to find patterns for Bitcoin.

They say a leopard cannot change its spots.

The same is true for #Bitcoin.

This cycle won't play out much differently.

Send it higher. pic.twitter.com/FGn1DF0TXh

— Jelle (@CryptoJelleNL) July 30, 2024

Crypto trader El Crypto Prof noted that the current level is Bitcoin’s monthly close above the 2021 all-time high. He predicts a breakout soon.

Price Action: In the past 24 hours, BTC has been trading relatively flat at $66,171.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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