Bitcoin (BTC) appears to be entering a “prolonged” period of price consolidation, according to several market analysts. Following a series of volatile swings that saw the leading cryptocurrency reach new all-time highs earlier this year, the market is currently experiencing a cooling-off period characterized by lower trading volumes and sideways movement. Market experts suggest that this phase is necessary for the asset to establish a firm base before any potential breakout toward the $80,000 mark. Factors contributing to this stagnation include macroeconomic uncertainty, fluctuating institutional interest in spot Bitcoin ETFs, and the typical post-halving market cycle. Analysts believe that this trend of range-bound trading could last for several more weeks, testing the patience of short-term investors while providing accumulation opportunities for long-term holders.
Source: Bitcoin analysts predict ‘prolonged’ consolidation phase for BTC price
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