Renowned trader John Bollinger predicts that Bitcoin's ongoing price consolidation will persist, debunking hopes of an imminent breakout. Despite the cryptocurrency's volatility, Bollinger's analysis suggests that the current consolidation phase is far from over.

Bollinger, creator of the Bollinger Bands indicator, notes that Bitcoin has failed to bounce back after hitting the lower band, indicating a lack of momentum to drive prices higher. This signals a prolonged period of consolidation, contradicting investor expectations of a swift rebound.

The past week has seen Bitcoin's price slump, reaching a low of $60,612.59. With a 10.1% month-to-date decline, this month is shaping up to be one of the most tumultuous for Bitcoin this year. While some altcoins like Toncoin have decoupled from Bitcoin's stale price action, the leading cryptocurrency still holds significant sway in the digital currency ecosystem.

For Bitcoin to experience a much-needed recovery and breakout, an extraordinary catalyst is required. One potential game-changer could be the approval of a spot Ethereum ETF, which might inject new life into the market. Until then, investors may need to brace themselves for an extended period of consolidation.

In conclusion, John Bollinger's prediction suggests that Bitcoin's price consolidation will continue, dampening hopes of a swift rebound. While the cryptocurrency market remains unpredictable, Bollinger's analysis provides valuable insights for investors and traders alike. As the market waits for a significant catalyst to drive prices higher, investors must remain vigilant and adapt their strategies accordingly.