Analysis: The consolidation phase of Bitcoin prices will soon end, ushering in a price breakthrough

Since Bitcoin fell from its historical high of over $73,800, the price of Bitcoin has been broadly consolidating between $53,000 and $72,000.

However, according to technical chart patterns and various indicators, Bitcoin's consolidation may be about to end as the price could be on the verge of a breakout.

Cryptocurrency analyst Rekt Capital said that after achieving a bullish weekly close on October 27th, Bitcoin might soon break out of its consolidation phase. Historically speaking, Bitcoin peaks between 518 and 550 days after halving.

The analyst added that although the post-halving consolidation period is long,"Bitcoin still accelerates for about 35 days within this cycle." "Therefore,the longer bitcoin consolidates after halving,the better it resynchronizes with traditional halving cycles." The volatility index for bitcoin shows that expectations for a bitcoin price breakout still exist.