Bitcoin's Positive Sentiment Grows Amid Extended Consolidation Phase

Bitcoin (BTC), the leading cryptocurrency, continues to garner positive sentiment due to its recent price increase. Crypto analyst and trader Mags has examined BTC's current price action, noting that its ongoing consolidation phase is the longest in its history, occurring during a bull cycle.

Potential for Significant Price Movement

Bitcoin has been trading within a narrow range for a record 87 days, surpassing previous consolidation periods. Mags highlights that such extended consolidation often precedes significant volatility, suggesting Bitcoin could be gearing up for a major price move. Historically, BTC consolidates near its all-time highs before recovering, as seen in past bull cycles.

In the 2027 bull cycle, Bitcoin consolidated for 48 days before an upward breakout, and in 2020, it took 21 days. The current 87-day consolidation indicates a potential for a substantial price increase once this phase ends.

Expert Opinions on Bitcoin's Consolidation

Crypto analyst Milky Bull emphasized the significance of this lengthy consolidation, stating that the longer the phase, the higher the potential rise when it breaks out. Milky Bull also pointed to a bullish divergence for BTC, suggesting strong price momentum. If Bitcoin breaks out of its current consolidation, he expects it to surge to $85,000 and possibly reach $110,000.

Current Market Sentiment

After a steep decline over the weekend, Bitcoin started the week positively, rebounding alongside other major cryptocurrencies. This rebound has renewed investor interest and optimism about Bitcoin's long-term growth potential. As of now, BTC is trading above $65,000, with a 0.15% increase in the last 24 hours, and its market capitalization and trading volume have also risen by 0.15% and 40%, respectively.