After a strong start to 2024, Bitcoin's price has been underwhelming, particularly during the second quarter. Analysts believe that the cryptocurrency may continue to underperform for another three months before resuming its uptrend.

Bitcoin's Struggle

The Bitcoin price has been struggling to break past the strong resistance of $69,000-$70,000, with miner capitulation being a major reason. As of press time, the BTC price has dropped by an additional 1.26% and is currently trading at just under $66,000.

Traditional Assets Outperform Bitcoin

During the second quarter, stocks and bonds delivered better returns than Bitcoin, taking over the major crypto boom of the market. According to the Bloomberg indicator, commodities, bonds, and global stocks were all ahead of Bitcoin during Q2. While all traditional asset classes gave positive returns during Q2, Bitcoin has dropped by 5% in this period.

JPMorgan's Expectations

Banking giant JPMorgan expects the net flows in crypto, including ETFs and fundraising by venture capital portfolios, to be around $12 billion. However, this would be lower than the $45 billion inflows during the crypto bull run of 2021 and the $40 billion in inflows during the crypto winter of 2022.

BTC Price Consolidation

Popular crypto analyst Rekt Capital stated that the BTC price continues to face resistance at the range high of $70,000. For the past three months, the world's largest cryptocurrency has been consolidating within its established range, oscillating between $60,600 and $71,500. According to historical chart patterns, it is likely that the BTC price could continue to consolidate for another three months.

This long period of consolidation would be beneficial to investors, ensuring a sustained bull run in the long run.