Bitcoin price movement emulates stagnant period of 2023: 6 months of sideways trading

Bitcoin Price Analysis

Bitcoin (BTC) has months of consolidation left if early bull market behavior repeats itself. In his latest market commentary, popular trader and analyst Rekt Capital drew fresh comparisons between BTC price action this year and in 2023.

BTC Price Forms “Similar Looking Range” to 2023

• Bitcoin may be firmly rangebound since its latest block subsidy halving in April.
• The lack of BTC price upside should not concern bulls, Rekt Capital suggests.
• Bitcoin tends to form Re-Accumulation Ranges after the Halving.
• We’ve also seen Bitcoin form a similar-looking range in this cycle already as well (blue circle).

Bitcoin Hash Rate in Limbo with Price

As Cointelegraph reported, the so-called “re-accumulation phase” is being reflected not only in price but also in miner activity. Since the halving cut miners’ per-block subsidy by 50%, a new “capitulation” has begun, per the popular Hash Ribbons metric.

This compares the 30-day average hash rate to its 60-day equivalent, and when the former drops below the latter, “capitulation” begins. Historically, such periods have signaled suitable buying opportunities, with the last occurring in Q3 last year.

“I know it sucks, but BTC is not going to break all-time highs until more pain and boredom plays out,” Willy Woo, creator of on-chain statistics platform Woobull, commented about the phenomenon this week. “On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally. Look for compressions in this ribbon. Buy and hodl in these regions.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.