Bitcoin has the longest consolidation period ever. The leading cryptocurrency is stuck around $70,000 and some analysts say it is for good. The bull cycle is far from over, they claim.
For instance, popular crypto analyst and trader Mags highlighted that current consolidation phase of BTC is the longest in its history. But that only means we are in the midst of an ongoing bull cycle, Mags says.
According to him, this extended period of consolidation often precedes substantial volatility, which raises the possibility that Bitcoin could be preparing for a big comeback.
According to Mags, before entering price recovery, BTC often consolidates around its all-time highs, as seen in past bull cycles. However, the current consolidation is the longest of all of them.
As of now, for a record-breaking amount of time (87 days), Bitcoin has been trading in an extremely narrow range. That has never ever happened before. Consolidaton periods usually last from 20 to 40 days, tops.
During the 2021 bull cycle, BTC consolidated for about 48 days before breaking out on the upside. Also, in 2020, BTC witnessed a 21-day consolidation period before regaining its upward momentum.
Current consolidation has already taken twice longer than was expected. And Mags claims there will be a huge upside rise whenever the price breaks out of this stabilizing phase.
And he is not alone in this belief.
Another famous crypto expert Milky Bull sounds very positive about BTC surging in the near future. “The longer the consolidation the higher it moves when it breaks out,” the expert says.
Milky Bull is ready to go as far as to predict that Bitcoin will break out to the $85,000 price level. And then go even higher, up to the $110,000 mark.