Bitcoin (BTC) has been experiencing a prolonged period of sideways movement, with only 36 days of meaningful gains in the past two years. Despite the sluggish price action and repeated new lows, the cycle is not over yet, according to a crypto analyst.
The current Bitcoin market cycle has been analyzed by expert analyst Crypto Con, revealing a pattern of extended range-bound activity interrupted by brief periods of upward momentum. The analysis shows that Bitcoin has been consolidating for 195 consecutive days without setting a new local high. Only 36 days have seen new local highs, indicating limited upward expansion.
These brief expansion bursts have been responsible for all significant price increases during the cycle, occurring within narrow windows of just two to five days. The rest of the cycle has been characterized by a slow grind and long periods of price consolidation, where momentum fades and the market struggles to advance.
Despite the flattened price action, Crypto Con believes that the cycle is not yet over. Bitcoin’s prolonged accumulation and consolidation could be building pressure for a significant breakout. The chart also suggests a potential upside target between $165,000 and $180,000, representing a price increase of over 54% from the current trading price of $106,990.
If previous patterns hold, BTC’s next major move could arrive swiftly, as past expansions have delivered their impact in just a few trading sessions. Until then, Bitcoin remains in what could be the slowest and most patient-testing cycle to date.
The analysis provides valuable insights into Bitcoin’s price movements and the potential for a significant breakout in the near future. With the market showing signs of building pressure, traders and investors will be closely watching for any signs of a major price movement. Stay tuned for further updates on Bitcoin’s cycle and potential price targets.