Bitcoin’s market trend may be poised for a significant shift, according to a recent analysis by CryptoQuant analyst Percival. Describing Bitcoin’s current phase as “chopsolidation,” Percival explains this period involves minimal directional movement with price consolidation but no clear trend. He suggests this phase may be nearing its end, with a notable market movement expected in the coming weeks.
The Chopsolidations metric, as Percival notes, doesn’t predict the direction of Bitcoin’s next move but assesses the exhaustion level of the current trend. This helps determine whether Bitcoin’s price is due for a reversal or continuation. Percival’s analysis highlights that while indicators show strength at various points, the market remains divided on Bitcoin’s next direction.
Some investors believe recent accumulation could push Bitcoin past its all-time high, while others expect a more cautious upward movement or even a potential correction. Percival’s analysis identifies two key periods in September and October where Bitcoin established notable support levels, marked by brief but significant price stability zones.
These areas, marked on his chart as orange zones, served as points where Bitcoin’s price “reloaded”—zones with strong demand that temporarily halted price declines. With the current price hovering near these support levels, Percival suggests the market may find a new bottom if Bitcoin faces short-term downward pressure. This support could create a foundation for upward movement in the coming weeks.
The Chopsolidations indicator, according to Percival’s breakdown, shows 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 current market strength could drive Bitcoin’s 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’s price.
Bitcoin’s price has continued to struggle to make a significant move, especially to the upside. The asset has seen calmness in volatility following its recent decline below the $70,000 price mark. Currently trading at $68,721, Bitcoin has remained relatively stable over the past three days since its most recent decline.
