{"id":651742,"date":"2024-11-06T05:30:06","date_gmt":"2024-11-06T05:30:06","guid":{"rendered":"https:\/\/wncen.com\/?p=651742"},"modified":"2024-11-05T15:12:14","modified_gmt":"2024-11-05T15:12:14","slug":"analyst-reveals-bitcoin-chopsolidation-phase-nears-end","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/analyst-reveals-bitcoin-chopsolidation-phase-nears-end\/","title":{"rendered":"Analyst Reveals Bitcoin\u2019s \u2018Chopsolidation\u2019 Phase Nears End\u2014Are New Highs in Sight?"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">Bitcoin market trend may be on the verge of a significant shift, according to a recent <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6729e4d91336e76f6a998b44-The-chopsolidation-chapter-comes-to-an-end-the-imminent-Bitcoin-movement-is-abou\" target=\"_blank\" rel=\"noopener nofollow\">analysis<\/a> shared by CryptoQuant analyst Percival.<\/p>\n<p data-pm-slice=\"1 1 []\">Percival described Bitcoin\u2019s current phase as \u201cchopsolidation,\u201d a term used to describe a period of minimal directional movement where price consolidation occurs without a clear trend.<\/p>\n<p data-pm-slice=\"1 1 []\">This period, he suggests, may be drawing to a close, with an <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-may-slide-to-65000-as-critical-support-level-fails-details\/\" target=\"_blank\" rel=\"noopener \">imminent market movement<\/a> expected in the coming weeks. The Chopsolidations metric, as Percival notes, doesn\u2019t predict the direction of Bitcoin\u2019s next move.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-long-term-holders-offload-over-177k-btc\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Long-Term Holders Offload Over 177k BTC: Is A Price Surge Or Correction Next?<\/a><\/div>\n<p data-pm-slice=\"1 1 []\">Instead, it assesses the exhaustion level of the current trend, helping to determine whether Bitcoin\u2019s price is due for a reversal or continuation. Percival\u2019s analysis highlights that while there are indicators of strength at various points, the market remains divided on Bitcoin\u2019s next direction.<\/p>\n<p data-pm-slice=\"1 1 []\">So far, some investors believe that recent accumulation is sufficient to push Bitcoin past its all-time high, while others expect a more <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-long-term-holders-offload-over-177k-btc\/\" target=\"_blank\" rel=\"noopener \">cautious upward movement<\/a> or even a <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-faces-threat-of-falling-to-63000-despite-rising-odds-for-trumps-election-victory\/\" target=\"_blank\" rel=\"noopener \">potential correction<\/a>.<\/p>\n<h2 data-pm-slice=\"1 1 []\">Assessing Bitcoin\u2019s Support Levels And Potential Price Rebound<\/h2>\n<p data-pm-slice=\"1 1 []\">Percival&#8217;s analysis further points to two key periods in September and October where Bitcoin established notable support levels, marked by brief but significant price stability zones.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/440288\/quicktake\/YdqnW_5fec96b64b71898eb9019239da58ca171452a072012f347c5b0d8.png?resize=1280%2C566&#038;ssl=1\" alt=\"Bitcoin (BTC) price chart.\" width=\"1280\" height=\"566\"><figcaption class=\"wp-caption-text\">Bitcoin (BTC) price chart. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">These areas, which he identified as orange zones on his chart (shared above), served as points where Bitcoin\u2019s price \u201creloaded\u201d \u2014 essentially, zones where demand was strong enough to halt price declines temporarily.<\/p>\n<p data-pm-slice=\"1 1 []\">With the current price hovering near these support levels, Percival suggests that the market may find a new bottom if Bitcoin faces any short-term downward pressure. This support could create a foundation for <a href=\"https:\/\/wncen.com\/news\/bitcoin\/can-bitcoin-price-reach-a-new-all-time-high-golden-cross\/\" target=\"_blank\" rel=\"noopener \">upward movement<\/a> in the weeks ahead.<\/p>\n<p data-pm-slice=\"1 1 []\">The Chopsolidations indicator, according to the CryptoQuant analyst&#8217;s breakdown, is showing signs of readiness for a strong trend based on weekly and monthly readings.<\/p>\n<p data-pm-slice=\"1 1 []\">Although he did not specify a particular directional bias, he noted that the current market strength could be enough to drive Bitcoin\u2019s price upwards if additional demand or a favorable macroeconomic environment aligns with market sentiment.<\/p>\n<p data-pm-slice=\"1 1 []\">This trend could play out over the short term, where sufficient market activity might lift Bitcoin\u2019s price.<\/p>\n<h2 data-pm-slice=\"1 1 []\">Bitcoin Continuous Struggle To Make A Major Move<\/h2>\n<p>So far, Bitcoin&#8217;s price has continued to face a struggle to make a significant move, especially to the upside. Instead, the asset has seen a form of calmness in volatility following its recent <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-presidential-elections\/\" target=\"_blank\" rel=\"noopener \">decline below the $70,000 price mark<\/a>.<\/p>\n<p>Particularly, at the time of writing, the asset currently trades for $68,721\u2014a price region BTC has remained quite stable for the past 3 days since its most recent decline.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/zuAXLSRl\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=OANDA%3AEURGBP\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin market trend may be on the verge of a significant shift, according to a recent analysis shared by CryptoQuant analyst Percival. Percival described Bitcoin\u2019s current phase as \u201cchopsolidation,\u201d a term used to describe a period of minimal directional movement where price consolidation occurs without a clear trend. This period, he suggests, may be drawing to a close, with an imminent market movement expected in the coming weeks. The Chopsolidations metric, as Percival notes, doesn\u2019t predict the direction of Bitcoin\u2019s next move. Related Reading: Bitcoin Long-Term Holders Offload Over 177k BTC: Is A Price Surge Or Correction Next? Instead, it assesses the exhaustion level of the current trend, helping to determine whether Bitcoin\u2019s price is due for a reversal or continuation. Percival\u2019s analysis highlights that while there are indicators of strength at various points, the market remains divided on Bitcoin\u2019s next direction. So far, some investors believe that recent accumulation is sufficient to push Bitcoin past its all-time high, while others expect a more cautious upward movement or even a potential correction. Assessing Bitcoin\u2019s Support Levels And Potential Price Rebound Percival&#8217;s analysis further points to two key periods in September and October where Bitcoin established notable support levels, marked by brief but significant price stability zones. These areas, which he identified as orange zones on his chart (shared above), served as points where Bitcoin\u2019s price \u201creloaded\u201d \u2014 essentially, zones where demand was strong enough to halt price declines temporarily. With the current price hovering near these support levels, Percival suggests that the market may find a new bottom if Bitcoin faces any short-term downward pressure. This support could create a foundation for upward movement in the weeks ahead. The Chopsolidations indicator, according to the CryptoQuant analyst&#8217;s breakdown, is showing signs of readiness for a strong trend based on weekly and monthly readings. Although he did not specify a particular directional bias, he noted that the current market strength could be enough to drive Bitcoin\u2019s price upwards if additional demand or a favorable macroeconomic environment aligns with market sentiment. This trend could play out over the short term, where sufficient market activity might lift Bitcoin\u2019s price. Bitcoin Continuous Struggle To Make A Major Move So far, Bitcoin&#8217;s price has continued to face a struggle to make a significant move, especially to the upside. Instead, the asset has seen a form of calmness in volatility following its recent decline below the $70,000 price mark. Particularly, at the time of writing, the asset currently trades for $68,721\u2014a price region BTC has remained quite stable for the past 3 days since its most recent decline. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":651753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,629,680,6848,1119,78790,6664,10923,83531],"class_list":["post-651742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-bitcoin-price-analysis","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>Analyst Reveals Bitcoin \u2018Chopsolidation\u2019 Phase Nears End\u2014Are New Highs in Sight?<\/title>\n<meta name=\"description\" content=\"Bitcoin market trend may be on the verge of a significant shift, according to a recent analysis shared by CryptoQuant analyst 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/wncen.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Analyst Reveals Bitcoin \u2018Chopsolidation\u2019 Phase Nears End\u2014Are New Highs in Sight?","description":"Bitcoin market trend may be on the verge of a significant shift, according to a recent analysis shared by CryptoQuant analyst Percival...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/bitcoin-news\/analyst-reveals-bitcoin-chopsolidation-phase-nears-end\/","og_locale":"en_US","og_type":"article","og_title":"Analyst Reveals Bitcoin \u2018Chopsolidation\u2019 Phase Nears End\u2014Are New Highs in Sight?","og_description":"Bitcoin market trend may be on the verge of a significant shift, according to a recent analysis shared by CryptoQuant analyst 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. 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His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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