Analyst: BTC's 4-week consolidation is part of the 'correction' after price discovery, or may be in the final stage.

BlockBeats news, on January 13th, encryption analyst Rekt Capital stated that the current consolidation of BTC price is part of a 'price discovery correction', which occurs between the 6th and 8th weeks of the parabolic phase, usually lasting 2 to 4 weeks. Rekt Capital explained in the analysis, 'This correction has been going on for 4 weeks, historical data shows that this correction should be in the final stage.' Analyst Axel Adler Jr. stated that the pullback of current BTC is relatively mild compared to the previous consolidation phase, during which BTC fell by over 26% between July 29th and August 5th, 2024. The analyst noted that this relatively moderate pullback at the beginning of the year is common in the year of the Halving. Meanwhile, senior trader Peter Brandt suggested that BTC may have formed a head and shoulders pattern (H&S) on the daily chart, pointing out three possible outcomes. In the first outcome, Brandt believes that BTC may confirm this pattern, complete the trend, and reach the target price of less than $77,000. The other two outcomes involve the price failing to reach the target price after completing the pattern, leading to short positions trap or 'evolving into a larger pattern.' (Cointelegraph)