Technical Analysis

Is Summer Consolidation For Cryptocurrencies Coming To An End?Aug 29, 2024

We talked about that Bitcoin summer consolidation back in June, but now that summer is coming to an end, we should be aware of a bullish resumption into the end of 2024, which can lift the whole Crypto market higher.

BTCUSD Weekly Technical Chart

From Elliott wave perspective, summer consolidation on Bitcoin represents wave IV correction, so bullish continuation for wave V can be still in the cards to complete a five-wave bullish cycle.

BTCUSD Weekly Elliott Wave Count

Don’t forget on the monthly cycle period chart of Bitcoin, which is still in the middle of a 35-month bullish cycle, so there’s still plenty of time for bulls to extend higher, ideally till 2025.

BTCUSD Monthly Cycles

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