The current period resembles the movement from April to September 2023, when Bitcoin languished in the $25,000 to $30,000 range for an excruciating six months. Eventually, the cryptocurrency was able to sustain its gains for several months, with Bitcoin finally hitting an all-time high in March of this year.

Bitcoin is in the ‘bored to death’ phase. ”

This consolidation period could last from one to six months, during which Bitcoin will fluctuate in a low-volatility range until market participants lose patience, and sentiment will be most negative until the consolidation ends.

“When you get tired enough of sideways trading, common symptoms include thinking that the halving is priced in, the bull run is over, and selling and buying stocks at the bottom. ” “Your symptoms and shorts will peak before the big rally. ”

Then the bottom may be near. ----Even if the bottom is reached, it may not necessarily pull up, and sideways trading is also a kind of

In a low volatility environment, the market will still be uncertain in the short term until the actual reduction of QT (quantitative tightening policy) in June. "The Federal Reserve announced plans to curb the pace of balance sheet reduction from next month, which will affect the liquidity of the US dollar, thus benefiting risky assets such as cryptocurrencies that are sensitive to the global liquidity environment.

However, after the Fed meeting and the weak employment report last week, the US dollar plummeted from a six-month high, while Bitcoin rebounded from around $56,000, which is a turning point in the trend. The weaker US dollar may support the next move of the US dollar. Cryptocurrency rally.