Bitcoin's price has failed to achieve a new all-time high for over three months, even after the highly anticipated Bitcoin halving in April. The recent bearish market trends have subdued the once soaring levels of bullish sentiment surrounding Bitcoin’s price, potentially signaling a market bottom.

Data from crypto analytics firm Santiment reveals a significant drop in bullish remarks about Bitcoin across social media platforms such as X, Reddit, Telegram, 4Chan, and BitcoinTalk over the past few weeks. Since the Bitcoin halving in April, BTC’s price has been trading sideways, failing to make any significant upward movement.

Santiment's data shows that trader sentiment was most optimistic at the beginning of April, just before the halving event. However, this optimism has steadily declined over the past three months as Bitcoin has failed to reach new all-time highs, leading to waning trader confidence. Interestingly, while bearish sentiment has also decreased during this period, it has not done so as drastically as the bullish sentiment. According to Santiment, the decline in trader euphoria around Bitcoin could be a potential bottom signal.

A bottom signal often indicates an impending market trend reversal. When an asset is perceived as undervalued or trading at its lowest point, investors frequently see this as a buying opportunity. From a technical analysis perspective, the lowest level of support for the asset is known as the bottom.

Bitcoin reached a new all-time high on March 14, hitting $73,780 on Coinbase. Since then, the leading cryptocurrency has fluctuated between $60,000 and $70,000, briefly dropping below $60,000 before regaining key support. Currently, BTC is trading at around $61,500.

Bitcoin Post-Halving Consolidation Longest in 2024

Historically, each four-year halving cycle has led to a new all-time high for Bitcoin following the halving event. The price of Bitcoin typically begins to rise about a month before the halving, driven by the anticipation of increased scarcity. However, the price does not immediately surge post-halving; it usually enters a period of sideways movement or consolidation before experiencing a bullish breakout.

Bitcoin analyst Willy Woo has noted that BTC’s price will recover after "weak miners die and hashrate recovers." He mentioned that in 2017, hashrate recovery took 24 days, while in 2021, it took only eight days. In 2024, the recovery has already taken 61 days, indicating a longer consolidation period than in previous cycles.

Another prominent Bitcoin analyst, Rekt Capital, pointed out that Bitcoin continues to consolidate within the post-halving reaccumulation range. The upper resistance level of this range is approximately $71,500, while the lower support level is around $60,600, which is close to the current price of BTC.

Despite the prolonged consolidation period, analysts remain optimistic about Bitcoin’s long-term prospects. The decline in social sentiment and the ongoing consolidation could potentially set the stage for a significant price breakout once market conditions stabilize and investor confidence returns.