The wider cryptocurrency market has recently been marked by substantial volatility. June started strong, but by the second week, investor sentiment shifted dramatically from optimism to caution, with Bitcoin (BTC) experiencing a period of consolidation, hovering above $63,000 after facing resistance at the $70,000 mark.
A report from QCP Capital indicates that Bitcoin’s price consolidation is likely to continue for the next two months, with a potential bull run not expected until late 2024.
Despite some positive developments, the price action remains weak, with BTC trading as low as $64,300.
BTC 7-day price chart. Source: Finbold
At press time, Bitcoin is trading at $64,240, marking a 0.79% gain in the last 24 hours and a 3% drop over the past seven days, with an accumulated loss of 7% on its monthly chart.
While the current market conditions point to a delayed Bitcoin bull run, with significant bullish movement anticipated by the end of the year, analysts also predicted that the consolidation phase may last until September 2024. Historical data suggests that after an initial drop, Bitcoin often enters a consolidation phase lasting up to 150 days, crucial for stabilizing the market and setting the stage for the next bullish breakout.
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