Bitcoin (BTC) Price Consolidation Phase To End Soon, $70,000 Coming?

Following a dip below $61,000 on Thursday, May 9, the Bitcoin (BTC) price has shown signs of recovery, climbing 2% in the last 24 hours and returning to the $63,000 level. BTC has predominantly traded within the range of $61,000 to $64,000. Nevertheless, data suggests that Bitcoin may be on the verge of breaking out of its consolidation phase.

Bitcoin (BTC) Price In Final Consolidation Phase

In the latest analysis, crypto analyst Rekt Capital reveals that the ongoing retracement in the crypto market has officially surpassed previous records. With a decline of -23.6%, it has now become the deepest pullback, overtaking the -22.9% retracement observed in early 2023.

Notably, this retracement has also become one of the longest in this cycle, lasting for nearly 50 days. The data indicates that Bitcoin’s current pullback has exceeded the depths of any previous retracement in this cycle, marking a significant shift in market dynamics. Furthermore, as reported, the Bitcoin whale activity has surged recently with signs of strong accumulation.

Interestingly, the longest pullback cycle has lasted for 63 days. This shows that the Bitcoin price retracement is most likely about to be over as we could soon see a breakout from this consolidation phase. If the Bitcoin price manages to break through $64,000, we could soon see the levels of $70,000, and new all-time highs beyond that.

#BTC

Deepest pullback in this cycle?

This current retrace is officially the deepest (-23.6%), recently eclipsing the -22.9% retrace from early 2023

Longest pullback in this cycle?

63 days

This current pullback is -23.6% deep and almost 50 days long

Bitcoin has already… pic.twitter.com/vAz7N16ZdE

— Rekt Capital (@rektcapital) May 9, 2024

According to an analysis from Rekt Capital, Bitcoin’s consolidation within its current price range, extending up to $70,000 post-Halving, could signal a deceleration of the cycle. This consolidation phase might contribute to a resynchronization with Bitcoin’s regular Halving Cycle, historically characterized by recurring patterns. Rekt Capital speculated that this could lead to a Bull Market peak around mid-September to October 2025.

BTC and Altcoins Eye Steady Recoveries

On-chain data provider Santiment added that currently there’s overly bearish sentiment in the market since the Bitcoin price hasn’t jumped immediately after halving. This FUD increases the likelihood of a bounce.

Sentiment remains predominantly negative towards the top-cap assets in the crypto sphere. This sentiment has persisted since the Bitcoin halving on April 19th, which did not immediately lead to increased market caps across the cryptocurrency space. Amidst elevated uncertainty, the departure of small wallets from the sector could potentially serve as the catalyst for Bitcoin and numerous altcoins to undergo gradual recoveries in the lead-up to summer, reports Santiment.

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