Bitcoin's 92-day consolidation is brewing a massive rebound

Since Bitcoin briefly hit a high of $72,000 last Friday (June 7), the market as a whole has started another round of major crash. Tonight, CPI and the Federal Reserve's interest rate decision will be announced again, and a new round of major fluctuations is coming.

The price of Bitcoin fell from $71,650 on June 7 to around $69,000, and the daily inflow of Bitcoin whale accounts hovered between 1,300 and 2,200 Bitcoin. A few days later, the price of Bitcoin plummeted again, resulting in a huge amount of 20,600 Bitcoin flowing into the whale hoarding address on June 11.

BTC has now entered its longest consolidation period, lasting 92 days, and analysts believe that long-term stability may lay the foundation for a "substantial rise" in the asset.

“Generally speaking, the longer the consolidation period, the bigger the upside will be afterwards,” wrote anonymous crypto trader Daan Crypto Trades in a June 11 X post.

“Once the price breaks out of this consolidation range, we will witness a massive upside rally,” they added, noting that in previous cycles, the consolidation period was shorter but still set new all-time highs.

In the last cycle after the 2020 Bitcoin halving, Bitcoin had a 21-day consolidation period before breaking out, eventually breaking through the all-time high of $69,000 in November 2021.

“We are still in a large consolidation range,” Roman wrote in a June 12 X post.

Bitcoin data for this year shows that BTC has been in a consolidation phase since its all-time high of $73,679 on March 13, 92 days ago.

A consolidation period is a period when Bitcoin trading volume and volatility are lower than usual. Since reaching its all-time high, Bitcoin has been trading in a tight 26% range, briefly bottoming out at $58,253 on May 2.

However, unlike Bitcoin, Santiment says the supply of Ether on cryptocurrency exchanges has increased in recent days. According to Santiment, there are currently 17.98 million Ether (worth $63.1 billion) held on cryptocurrency exchanges. Ether has fallen 8% from $3,815 on June 7 to $3,510 at the time of writing.