After a remarkable start to 2024, Bitcoin's price has failed to impress, struggling to break through the $70,000 barrier. Despite the approval of spot Bitcoin ETFs, the cryptocurrency's performance has been underwhelming, especially in the second quarter. The strong miner capitulation following the halving event has been a major contributor to Bitcoin's lackluster show.

In contrast, stocks and bonds have outperformed Bitcoin, delivering better returns during the second quarter. According to Bloomberg, commodities, bonds, and global stocks have all surpassed Bitcoin's performance, with the cryptocurrency dropping by 5% in this period. This trend may continue for another three months, analysts predict.

JPMorgan expects net flows in crypto, including ETFs and venture capital fundraising, to reach $12 billion, lower than the $45 billion inflows during the 2021 crypto bull run and the $40 billion in inflows during the 2022 crypto winter. Popular crypto analyst Rekt Capital notes that Bitcoin's price consolidation may continue for another three months, oscillating between $60,600 and $71,500. While this may seem discouraging, Rekt Capital believes that this prolonged consolidation will ultimately lead to a sustained bull run in the long term.

In conclusion, Bitcoin's underperformance may persist for another three months, but analysts remain optimistic about its long-term prospects. As the cryptocurrency market navigates this challenging period, investors are advised to exercise caution and patience, with the promise of a brighter future on the horizon.