Bitcoin Is In a 'Bore You to Death' Phase, but Bottom Could Be Close, Analysts Say

Friday's quick tumble showed less interest from dip buyers, suggesting that a bottom might be near, Santiment said.

Crypto markets are stuck in a lull with digital assets consolidating for the last few weeks, testing investors conviction whether the bull market will resume.The current period resembles the action from April through September of 2023 when bitcoin was stuck in the $25,000-$30,000 range for an excruciating six months. Eventually, cryptocurrencies were able to sustain a multi-month rally, with BTC ultimately hitting an all-time high in March of this year.

This period of consolidation could last for anywhere between one to six months, he explained, during which BTC will be rangebound with low volatility until market participants lose their patience. The sentiment will be the most negative just before the consolidation ends, he added. Bitfinex analysts noted in a Friday report that bitcoin's recent weakness happened amid a surging U.S. dollar with interest rate cut expectations tempered, and said the lull could continue into early summer.

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Smart Bitcoin Statement Issued by Michael Saylor as BTC Dumps 4.15%Prominent Bitcoin advocate Saylor has made smart Bitcoin statement, addressing his X community
Source: Utoday_en - 🏆 295. / 63 Read more »

Roger Ver Arrest Major Statement Made by Samson MowBitcoin maximalist Samson Mow has shared his take on recent arrest of Bitcoin OG Roger Ver
Source: Utoday_en - 🏆 295. / 63 Read more »

Countdown to Bitcoin Halving: A Feast of Opportunities in the Bitcoin EcosystemAs the Bitcoin halving countdown begins, which segments and tracks within the Bitcoin ecosystem deserve attention?
Source: hackernoon - 🏆 532. / 51 Read more »

DOJ Arrests Early Bitcoin Investor Roger Ver, 'Bitcoin Jesus,' on Charges of Tax FraudVer is alleged to have caused a loss to the IRS of at least $48 million, said the DOJ.
Source: BitcoinMagazine - 🏆 461. / 53 Read more »

ZK-Driven Bitcoin restaking protocol Chakra gains early support from StarkWare and Bitcoin OGsStarkWare and Bitcoin OGs’ support for Chakra enhances the BTC infrastructure landscape with a unique ZK-Driven restaking solution for shared security and long-term BTC value
Source: Cointelegraph - 🏆 562. / 51 Read more »

Morgan Stanley May Allow Brokers to Pitch Bitcoin ETFs; 'Buy Bitcoin' Sign Auctioned for Over $1M'CoinDesk Daily' host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as Morgan Stanley (MS) is looking to allow its brokers to recommend spot bitcoin ETFs to their customers according to a report from AdvisorHub.
Source: CoinDesk - 🏆 291. / 63 Read more »