Bitcoin breaking the consolidation phase of $10-$14k will be toughest; likely to fall after breaching $20k

Bitcoin underwent a market correction after breaching the $13,800 mark on June 27, falling to the $10,000-mark and climbing up again, following the pullback. The world’s largest cryptocurrency by market cap, Bitcoin, was trading at $11,417, at press time, after appreciating by 13.11% over the past 24 hours.

What seemed like a roller coaster ride, is actually a consolidated phase for the king coin. Similar to the thoughts of Galaxy Digital CEO, Mike Novogratz, who speculated that Bitcoin’s price perspective will range between $10,000 and $14,000, a Twitter handle named, @CeterisParibus, has suggested that Bitcoin would have a tough time breaching the consolidation phase and rallying higher.

Ceteris Paribus’s original tweet read,

“During 2017-18, $BTC traded above $10K for less than 3 months, at an average price of $13,600. We hit this level and immediately retraced. The range we’re in now will be the toughest to break out of, not $20K.”

A short term bull run breaking the $14k-level was not in the cards. However, the long term positive sentiment of the king coin has been pointed out by many influential analysts and traders over the past month. Besides, the massive volatility exhibited by Bitcoin raised serious questions, most of which were tied to Tether’s market manipulation and the contentious Libra project by Facebook.

Ceteris Paribus also noted that that Bitcoin’s often touted “strong level of resistance” is not breaching $20k. The handle further predicted that people might potentially sell off Bitcoin after it surpasses the $20k-level, resulting in the asset further declining in its price and valuation.