Bitcoin May Rally to $110,000 as Market Consolidation Ends

The market for Bitcoin has been on a rollercoaster ride in recent months. After five consecutive months of declines, it has entered a period of consolidation that could signal a new trend upwards. This year's interest rate hike expectations have already been realized, and with the midterm elections approaching, policies and news releases are expected to become more cautious.

The author believes that as the biggest macroeconomic headwinds are gradually factored in, the market will begin to move up. The focus is not on whether there will be another big drop, but when Bitcoin will truly begin to accelerate. A critical resistance zone for Bitcoin is currently between 81,800 and 82,800.

The author warns that short-term traders can still consider shorting for a target of 80,000 to 78,000, but this may be the last decent chance for bears to exit the market. If Bitcoin holds above 80,000, it's possible that a clear acceleration could occur in the next two weeks.

The author predicts a three-stage rally: first to 85,000, then to 90,000, and finally to 110,000. However, the market won't wait for everyone to be ready, and those who follow the trend will have a chance to get on board.