Could Bitcoin (BTC) Price Soon Break Out of Consolidation Phase, $70,000 Coming?

After falling below $61,000 on Thursday, May 9, the Bitcoin (BTC) Price could see some recovery, gaining 2% in the last 24 hours and returning to $63,000 levels. The price of BTC has largely remained between $61,000 and $64,000. However, data shows that Bitcoin could soon exit the consolidation phase.

Bitcoin (BTC) price in final consolidation phase

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

Notably, this pullback also became one of the longest of this cycle, lasting almost 50 days. Data indicates that Bitcoin’s current pullback has exceeded any previous pullback this cycle, marking a significant shift in market dynamics. Furthermore, as reported, the Bitcoin Whale Activity increased recently with signs of strong accumulation.

Interestingly, the longest retracement cycle lasted 63 days. This shows that the Bitcoin price pullback is probably about to end as we could soon see a breakout of this consolidation phase. If Bitcoin price manages to break above $64,000, we could soon see $70,000 levels and new highs beyond that.

According to an analysis by Rekt Capital, Bitcoin’s consolidation within its current price range, extending up to $70,000 after the Halving, could signal a slowdown in the cycle. This consolidation phase could 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 in mid-September to October 2025.

BTC and Altcoins Eye Steady Recoveries

On-chain data provider Santiment added that there is currently an overly pessimistic sentiment in the market as the price of Bitcoin did not increase immediately after the halving. This FUD increases the likelihood of a recovery.

Sentiment remains predominantly negative towards larger-cap assets in the cryptosphere. This sentiment has persisted since the Bitcoin halving on April 19, which did not immediately lead to an increase in market caps across the entire cryptocurrency space. Amid heightened uncertainty, the exit of small wallets from the sector could potentially serve as a catalyst for Bitcoin and numerous altcoins to undergo gradual recoveries before the summer, reports Santiment.

Courtesy: Santiment

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Bhushan is a FinTech enthusiast and has a good knack for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrency. He is continually in the learning process and stays motivated by sharing the knowledge acquired. In his spare time, he reads suspense fiction novels and sometimes explores his cooking skills.

The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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