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Bitcoin price has been stuck in a depression zone for more than a month. That is the reason why the market are divided on whether it is preparing for a new bull run or facing a downturn. With Bitcoin trading at $67,680, just 6.7% higher than 42 days ago, the cryptocurrency has shown little volatility.
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CryptoCon, a cryptocurrency trader, talked about this period of low volatility in a post on X. This person called it a sign of "boredom in the market." The narrow trading range, which swung from $58,253 to $71,443, was broken only twice. Therefore, it added to uncertainty about Bitcoin's next move.
Bitcoin price has been stuck in a depression zone for the last 42 days
Willy Woo, another famous cryptocurrency trader, thinks Bitcoin's prolonged consolidation is a positive indicator. He said prices hadn’t peaked yet and expressed hopes for further upside potential. Woo suggested Bitcoin has "plenty of room to rise before peaking," therefore possibly a price rally that could happen any time soon.
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On the other hand, Daan Crypto Trades believes that Bitcoin is in the price discovery phase, in which the prediction will become a lot more difficult. He argued that surpassing the current all-time high of $73,679 could lead to Bitcoin reaching $102,073 by the end of the year. And this might be a significant turning point for cryptocurrencies.
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However, not all traders are optimistic about what has been happening. One of them is Timothy Peterson, founder of Cane Island Alternative Advisors. He pointed to the Bitcoin Price to Metcalfe Value index, which suggests a drop to around $54,190. Timothy explains that when this ratio exceeds 100%, it predicts a historic bear market. It currently stands at 102%, which can be a two-thirds chance of a 20% decline within six months.
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As Bitcoin continues to navigate this “depression zone,” traders and investors remain tense. All of them are closely watching for signs of a breakout or crash. The upcoming weeks will be very important as it might have a big impact on the larger cryptocurrency market.
There are several reasons why Bitcoin has been stuck in this boredom zone for more than a month:
- Low Volatility: Low price swings make it less attractive for short-term trading.
- Consolidation period: after a strong rise, the price of Bitcoin usually consolidates to set the stage for the next move.
- Market Uncertainty: Mixed opinions from experts leave many investors waiting for clear signs.
- Market Sentiment: Lack of excitement and compelling events can reduce trading volumes and increase market inertia.
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