Bitcoin $BTC has already spent 42 days in the “boredom zone,” and cryptocurrency traders are divided over whether it is consolidating for another rally or facing a 20% drop toward crucial support levels.

“We have now spent 42 days in the zone of low volatility and boredom,” stated pseudonymous cryptocurrency trader CryptoCon in a May 29 X post, explaining that the lack of volatility in Bitcoin price is the main sign of "boredom in the market."

Bitcoin is currently trading at $67,680, just 6.7% higher than its price 42 days ago, according to data from CoinMarketCap.

Aside from two occasions where it broke out of its support and resistance levels, at $58,253 and reaching $71,443, Bitcoin has mostly oscillated within a tight range during this period.

Pseudonymous cryptocurrency trader Willy Woo believes Bitcoin's extended consolidation is a positive sign that its price has yet to peak, predicting that it just has "more room to go before it tops out," according to a post in X of May 29.

Pseudonymous cryptocurrency trader Daan Crypto Trades believes that Bitcoin is currently in the price discovery phase, where “anything really is possible.”

“In price discovery, it can be difficult to set targets as there are no levels to follow closely,” argued Daan Crypto Trades in a May 29 X post.

It maintained that once it breaks its current all-time highs of $73,679, it could reach $102,073 before the end of the year.

However, traders who use different indicators are not as optimistic about what is coming.

Cane Island Alternative Advisors founder Timothy Peterson noted that the price of Bitcoin could fall to around $54,190 based on the Metcalfe Value of Price, an indicator that suggests that the value of Bitcoin is proportional to the square of the number of users. or participants in the Bitcoin network.

"This is the Metcalfe Value of the Bitcoin Price. When the ratio is >100% it has always predicted a bear market of -20% or more. This week, it reached 102%. There is a 2/3 chance of a crash -20% in 6 months," explained Peterson.

“Chances are high that Bitcoin will fall to the low $50,000s at some point in the next 180 days,” he added.