The price of bitcoin would be nearing the end of its consolidation. If this thesis is correct, a strong bullish movement could be imminent.

News about dollar interest rates could boost bitcoin in the coming days. Willy Woo anticipates that bitcoin could quickly rise to 118,000 dollars.

Bitcoin (BTC) could be on the verge of a new movement that propels it to unprecedented levels.

According to analysts from Swissblock Technologies, a digital asset market analysis firm, the price of bitcoin is in a phase of compression and consolidation within the range of 100,000 to 110,000 dollars. Although they do not directly anticipate a breakout, this type of technical behavior often precedes significant movements.

"Silently, without noise, BTC is forming another higher low, absorbing external pressure and geopolitical stress. There is still no breakout, but the end of the consolidation may be near," they stated.

The publication is accompanied by a chart showing that BTC is consolidating the formation of a bullish triangle (red lines). As explained by CriptoNoticias, this is a technical analysis pattern that excites investors.

The formation of the pennant begins with a strong bullish impulse, followed by a price compression stage, where highs and lows converge until they collide at a point. Generally, the breakout of the pennant tends to resolve with a rise.