Bitcoin, the world’s largest cryptocurrency by market cap, has struggled to gain traction this month. With its price consolidating between $57,000 and $60,000, leading analysts to question whether Bitcoin is nearing the end of this consolidation phase or if further price corrections are ahead.

Bitcoin: Consolidation or Breakout?

Legendary crypto analyst Peter Brandt has highlighted the formation of a megaphone or broadening triangle pattern on Bitcoin’s price charts. This pattern is evident on both weekly and daily charts as Bitcoin remains in its current consolidation phase.

According to Brandt, Bitcoin’s megaphone pattern shows the price testing both ends of its range. The upper boundary of this pattern is near the all-time high (ATH) of $73,835, while the lower boundary has found support between $52,000 and $55,000. This suggests that Bitcoin is experiencing significant volatility as it navigates these key levels.

Further into the analysis Brandt points out that Bitcoin has not yet broken above the $73,835 resistance or fallen below the $52,500-$49,000 support. This indicates that the market is still in a consolidation phase, with no clear direction established for its next major move.

Is Consolidation Nearing End?

Meanwhile, CryptoQuant analyst believes Bitcoin might be close to finishing its market consolidation phase. However, recent data shows increased demand for Bitcoin, with a rise in daily token transfer volume from $650,000 to $765,000 as Bitcoin approached $60,000. 

Although this increase in volume was due to some panic selling, but the market’s stability despite this suggests strong interest in Bitcoin.

Usually, the end of consolidation means smaller price changes and less volatility as investors agree on the asset’s value. For Bitcoin, this could mean the current price range is setting a new lower limit, which might help support future price growth.

Bitcoin Price Movement

As of now, Bitcoin is currently trading at $59,436, reflecting a drop of 2.2% in the past 24 hours. Bitcoin’s market capitalization has fallen to $1.176 trillion, while its dominance remains at 55.81%.

However, Bitcoin continues to struggle to maintain the crucial $60,000 level, which has been a key focus for traders recently. Since July 22, Bitcoin has been fluctuating within a 40% range, moving between a low of $49,842 and a high of $69,799.

If Bitcoin manages to break above the $60,000 mark, it could potentially rise towards $61,000. However, if it fails to maintain this level, the price might decline further toward the $54,000 range in the short term.

All eyes are on PlayDoge ($PLAY) as it enters its last six days of presale. The fundraising campaign has been a whirlwind success, recently surpassing the $6 million total raised mark.

But as the team prepares to list $PLAY on exchanges, the window for investors to buy at a fixed presale rate is narrowing.

Raise a virtual pet doge and earn free crypto 

The concept of PlayDoge is drawing a lot of buzz.

It’s a Play-to-Earn ($PLAY) game inspired by the 90s blockbuster Tamagotchi.

PlayDoge is a pet companion game that retains the same 90s-era feel and 8-bit graphics, but it adds colour and more captivating artwork.

So picture this:

Millions of previous Tamagotchi players (now adults) with fond memories of their childhood virtual pets can reconnect with a similar game and get paid for it.

It’s a no-brainer.

However, to appeal to a 21st-century market, PlayDoge has also added some other crucial upgrades.

For instance, it has introduced a competitive element with an in-game leaderboard.

Players will collect XP by caring for their pets and completing mini-games.

This pushes them up the leaderboard and earns them more $PLAY.

$PLAY can also be used for in-game purchases and staking. 

Coupled with its doge-centric meme coin allure, this could create a lot of demand for the token.

Stake your $PLAY tokens to compound your presale investment

For those seeking the biggest gains, staking must not be missed.

Even though PlayDoge has yet to launch on exchanges, investors can already earn compound interest by staking their tokens.

PlayDoge’s staking mechanism launched in unison with its presale.

The staking feature currently provides a whopping 75% APY.

However, rewards won’t stay that high – they’ll gradually decrease as the staking pool grows.

It’s first-come, first-served for the biggest rewards.

According to the PlayDoge website, the team has allocated 12% of the total $PLAY supply to staking rewards.

So far, over 250 million $PLAY have been staked.

Indeed, that’s a big commitment from the community.

It shows investors believe in the project’s long-term future and are hungry to acquire more tokens.

But it’s no surprise – there’s an exciting journey ahead.

Big plans for after PlayDoge’s presale

The $PLAY token will list on decentralized exchanges shortly after the presale. It’ll be the first time supply and demand forces affect its price. Work will also commence on spreading the word of PlayDoge through a “marketing push.” Simultaneously, the team will be working on a beta version release of the game.

The PlayDoge game is slated to launch on the App Store and Google Play Store, ensuring it is widely available to the largest number of players. There’s also chatter on the PlayDoge roadmap about centralized exchange listings. That could also bolster the chances of mainstream adoption.

In the roadmap’s final phase, the team will launch the PlayDoge app, launch mini-games, run an airdrop, and add more centralized exchange listings.

PlayDoge’s journey is just getting started. And there’s an unwavering excitement about its price potential.

Jacob Bury is optimistic that PlayDoge could “10x your money.”

He underscored that even though the crypto market has been “boring” throughout the summer, it marks a good opportunity to load up for Q4, a historically profitable period within the crypto market.

For those yet to buy PlayDoge at presale, it’s the final call.

Rest assured – the project has undergone rigorous testing from Solid Proof, a third-party smart contract auditor, who found no security issues. PlayDoge is a BSC-based cryptocurrency, but it is also available on the Ethereum network.

This means investors can buy the presale with BNB, ETH, USDT, and bank cards. Following the presale, investors can claim their tokens on the same day it launches on exchanges.

Don’t miss the last chance to buy $PLAY at presale. 

Follow PlayDoge on X or join its Telegram for updates. Otherwise, visit its website to buy and stake tokens.

Visit PlayDoge Presale