Analyst Says Bitcoin Daily Chart Forms Descending Wedge, Market to Enter Consolidation Phase

Analyst Killa stated that the daily chart of Bitcoin is forming a descending wedge, and the market is expected to maintain a range-bound consolidation. Even if the price breaks out of this pattern, caution is advised for potential false breakouts, as the current market has not experienced a sufficiently long period of range-bound consolidation. The market spends about 80% of the time in a range-bound state, with 20% of the time exhibiting trending fluctuations or pullbacks. Given that the market has previously experienced significant upward movement, it is more likely entering a range-bound consolidation phase, so chasing prices is not advisable unless market trends prove otherwise; otherwise, the expectation should be that the market will maintain a range-bound consolidation.

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