The price of Bitcoin (BTC) has been in a state of consolidation, with the cryptocurrency slipping further amid an extended drawdown. According to John Bollinger, the creator of the Bollinger Bands indicator, this consolidation phase is not clearing anytime soon, as he expects more sideways movement in the coming days.

Bollinger's Prediction and Bitcoin's Recent Performance

Bollinger, known for his expertise in tracking Bitcoin's performance over time, has noted that the price of Bitcoin has seen no bounce post-two-bar Reversal at the lower Bollinger Band. Based on this observation, he believes that the ongoing consolidation is likely to continue.

The recent price action of Bitcoin supports Bollinger's prediction. At the time of writing, BTC is trading at $60,726.66, down by 1.78% in the past 24 hours. This month has been one of the most tumultuous for Bitcoin so far this year, with the coin slumping by 10.1% Month-to-Date (MTD).

Factors Contributing to Bitcoin's Consolidation

The spot Bitcoin ETF market is seen as a key catalyst for the current selloff. As different ETF issuers experience outflows at different times, a retail market drawdown has become inevitable.

Additionally, many altcoins are now decoupling from Bitcoin due to its stagnant price action. One example is Toncoin (TON), which has grown by more than 18% so far this month, partly due to the fast-expanding gaming niche on The Open Network.

The Need for a Catalyst to Drive Bitcoin's Recovery

For Bitcoin's price to stage a much-needed recovery and breakout, an aggressive catalyst is required. One potential catalyst could be the SEC's approval for a spot Ethereum ETF to start trading, which could have a positive impact on the broader cryptocurrency market.

However, with Bollinger's prediction of extended consolidation, the likelihood of Bitcoin breaking out above the crucial resistance level of $62,000 this month appears to be low. Investors will need to be patient and wait for a significant catalyst to drive Bitcoin's price action in the coming weeks.

As the cryptocurrency market continues to evolve, the community will closely monitor Bitcoin's performance and any potential catalysts that could spark a breakout from the current consolidation phase.