The price of Bitcoin (BTC) has been consolidating within a tight range for several months. If the top cryptocurrency successfully breaks out, Bitazu Capital founding partner Mohit Sorout says a record-high would be imminent.
Since July 2020, Bitcoin has been ranging between $10,200 and $11,800, a 15% range. It has seen subdued volatility for a prolonged period, except for some short instances of a volatility spike.
When Bitcoin stays stable for a long time in a tight price range, a major price movement typically occurs.
Whether a breakout would occur in the near term or not remains an uncertainty. But if it happens, Sorout says it would take three months for BTC to hit $20,000.
Why three months for a Bitcoin all-time high following a breakout?
Based on previous price cycles, Bitcoin tends to move fast after existing a long-range. The pattern historically applied both breakouts and