Bitcoin Traders Expect a “Long Consolidation” Phase

[MARK21]

Analysts say that the entire crypto market is in a very long period of consolidation and accumulation after BTC's current plunge to 2017 highs.

Cryptocurrency traders had a brief opportunity to briefly pause and take stock of where things are on June 16, as the relentless sell-off that has hit Bitcoin and the broader market over the past week began to give way. despite an ongoing sell-off in traditional markets.

Data from Cointelegraph Markets Pro and TradingView shows that after rising to a high of $23,000 in the early trading hours of June 16, Bitcoin price slowly trended lower on declining trading volume to reach a low. at $20,765.

Graphic:

BTC/USDT 1-day chart. Source: TradingView

Look for a multi-month consolidation at the 200-Week MA

A macro perspective of the journey Bitcoin has taken over the years and how its past can offer insights into the current market setup was discussed by analyst and pseudonymous Twitter user Rekt Capital.

Graphic:

However, Rekt Capital said:

“If #BTC continues to hold the orange 200-week MA as support and the black 200-week EMA as resistance… $BTC could form an accumulation range here, just like in 2018. This would allow for a consolidation of several months even until December 2022".

Source: https://cointelegraph.com/news/bitcoin-traders-expect-a-long-consolidation-phase-now-that-btc-trades-below-21k

[STT]

I can remember 2018 year end being very gloomy, doesnt even feel that long ago to me due to real life events that happened round that time.   I can also remember that was a good period to observe gold had likely lost its almost decade long downtrend.
   Problem we might have now is the Dollar index was at that time ready to lose value again and no doubt FED moves helped the speculative pickup in quite a few assets.   Right now YEN is weak making Dollar stronger then it would be otherwise, also Europe due to the war is supporting a higher Dollar FIAT value by lack of a counter trade in currency.    None of this has to dictate terms but it does seem to indicate we wont get the quick transition that end 2018 saw into the 2019 summer peak prices, that was quite rapid.