Bitcoin Breakout Analysis: What's Next?
CryptoNewsTerminal Staff04 Jun, 2024
Bitcoin Breakout Analysis: What's Next?
## Bitcoin Consolidation and Breakout Analysis Altana Digital Currency Fund's CIO, Alistair Milne, recently shared his insights on Bitcoin's price action via Twitter, suggesting that the longer Bitcoin consolidates and holds above support levels, the more significant the breakout could be. Milne noted that historical data supports this observation, citing the period from November 2015 to May 2016 when BTC saw a breakout from $470 to $790 after a period of consolidation. Based on this analysis, Milne believes that if BTC breaks above $74,000 in its current trading range, it could potentially surge to $95,000 within a short timeframe of 2-3 weeks. At the time of writing, BTC is trading at $68,643.70, indicating a potential upside of over 25% if Milne's prediction holds true. It's important to note that market conditions can be volatile, and actual results may differ. Investors should conduct their own research and exercise caution before making any investment decisions. ```
