The Bitcoin (BTC) price has been consolidating within a tight range, hovering between $61,000 and $64,000 for an extended period. However, recent data suggests that this consolidation phase may be nearing its end, potentially paving the way for a breakout and a surge towards the $70,000 mark.

After dipping below $61,000 on Thursday, May 9, Bitcoin has shown signs of recovery, climbing 2% in the last 24 hours and returning to the $63,000 level. While the current price action may seem lackluster, a closer look at the data reveals an intriguing story.

According to crypto analyst Rekt Capital, the ongoing retracement in the crypto market has officially surpassed previous records. With a decline of -23.6%, it has now become the deepest pullback, exceeding the -22.9% retracement observed in early 2023. Moreover, this retracement has also become one of the longest in this cycle, lasting for nearly 50 days. This data suggests that Bitcoin's current pullback has reached significant depths, potentially signaling a shift in market dynamics.

Interestingly, the longest pullback cycle has lasted for 63 days, indicating that Bitcoin's price retracement is most likely nearing its end. If Bitcoin manages to break through the $64,000 resistance level, it could potentially reach the $70,000 mark and even set new all-time highs beyond that.

Rekt Capital's analysis suggests that Bitcoin's consolidation within its current price range, extending up to $70,000 post-Halving, could signal a deceleration of the cycle. This consolidation phase might contribute to a resynchronization with Bitcoin's regular Halving Cycle, historically characterized by recurring patterns. Rekt Capital speculates that this could lead to a Bull Market peak around mid-September to October 2025.

On-chain data provider Santiment adds that the current market sentiment is overly bearish, as the Bitcoin price hasn't jumped immediately after the halving event. This Fear, Uncertainty, and Doubt (FUD) in the market increases the likelihood of a bounce-back in the coming weeks.

As the sentiment remains predominantly negative towards the top-cap assets in the crypto sphere, the departure of small wallets from the sector could potentially serve as the catalyst for Bitcoin and numerous altcoins to undergo gradual recoveries in the lead-up to summer, reports Santiment.

In conclusion, while the Bitcoin price has been consolidating for an extended period, the data suggests that this phase may be nearing its end. With the potential for a breakout above $64,000 and a surge towards the $70,000 mark, Bitcoin investors and enthusiasts are eagerly awaiting the next chapter in the cryptocurrency's journey.