Bitcoin has been in its longest period of consolidation now for 92 days and counting, and analysts believe the extended steadiness could be setting the asset up for a “massive upside rally.”
“Generally, the longer a consolidation, the larger the expansion afterward,” pseudonymous crypto trader Daan Crypto Trades wrote in a June 11 X post.
“Out of all consolidations, the current one is the longest,” Mags told their 79,500 X followers on a June 9 post.
“Once price breaks out of this consolidation range, we are going to witness a massive upside rally,” they added, noting that there were shorter periods of consolidation in previous cycles that still led to new all-time highs.
In a previous cycle after the 2020 Bitcoin halving, there was a 21-day consolidation period before Bitcoin (BTC) broke out, eventually breaching an all-time high at the time of $69,000 in November 2021.
“We’re still in a large consolidation range for higher. Take a deep breath,” Roman wrote in a June 12 X post.
Bitcoin data from this year shows BTC has been in a consolidation phase since it hit its all-time high of $73,679 on March 13, or 92 days ago.
Consolidation periods refer to times when Bitcoin’s trading volume and volatility are lower than usual. Since reaching all-time highs, Bitcoin has traded within a tight 26% range, briefly dropping to its lowest point of $58,253 on May 2.
Bitcoin is currently trading at $67,413, according to CoinMarketCap data.
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Previous forecasts by crypto analysts suggest that the consolidation period could extend until at least September or even October.
On May 16, Cointelegraph reported that Capriole Investments founder Charles Edwards, stock and crypto market seasonality, along with Bitcoin onchain data, suggest that Bitcoin’s price could consolidate for four to five months.
Likening BTC’s price action to gold, which formed a “massive cup and handle” pattern over the last 13 years, with the “cup” lasting four years, Edwards noted how Bitcoin appears to show the same chart pattern.
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