Bitcoin (BTC), the world's largest cryptocurrency, is currently experiencing its longest consolidation phase in history, according to a recent analysis. The cryptocurrency has been trading within a narrow range for a record 87 days, fueling speculation about a potential breakout or breakdown.

Consolidation phases are periods of relatively low volatility and price stability, where the market is undecided about the direction of the next move. In the case of Bitcoin, this prolonged consolidation phase has left many investors and analysts wondering when the next significant price movement will occur.

Historically, Bitcoin's consolidation phases have been much shorter, lasting around 48 days in 2017 and 21 days in 2020, before entering a price recovery. The current record-breaking consolidation phase has sparked intense debate among analysts and investors about the potential direction of the market.

Some analysts, such as Milky Bull and Mags, predict a bullish divergence, indicating a potential price surge to $85,000 or even $110,000. This optimism is based on technical analysis and the historical pattern of Bitcoin's price movements.

Despite recent declines, Bitcoin is currently trading above $65,000, with a 0.15% increase in the last 24 hours. This slight increase has given hope to bulls that the consolidation phase may be ending, and a new uptrend may be emerging.

However, other analysts remain bearish, predicting a potential breakdown below $60,000. They cite factors such as regulatory uncertainty, market fatigue, and the ongoing macroeconomic turmoil as reasons for their pessimism.

The prolonged consolidation phase has also led to a decrease in trading volume, indicating a lack of conviction among investors. This decrease in volume has resulted in a tightening of the Bollinger Bands, a technical indicator that measures volatility.

The tightening of the Bollinger Bands often precedes a significant price movement, adding to the anticipation and speculation about Bitcoin's next move.

In conclusion, Bitcoin's record-breaking consolidation phase has created a sense of uncertainty and anticipation in the market. While some analysts predict a bullish breakout, others foresee a bearish breakdown. As the market continues to trade within this narrow range, investors and analysts alike are eagerly waiting for the next significant price movement.