Bitcoin is currently spending its 42nd day in a troubled zone, and crypto investors are divided on whether Bitcoin is consolidating for another rise or facing a 20% pullback towards critical support levels. Popular crypto investor CryptoCon stated in a May 30 X post that Bitcoin has spent 42 days in a low volatility and boredom zone, explaining that the lack of volatility in Bitcoin’s price is a main sign of market boredom.
What’s Happening on the Bitcoin Front?
CoinMarketCap data shows Bitcoin is currently trading at $67,680, only 6.7% higher than its price 42 days ago. Bitcoin mostly traded in a narrow range during this period, except for breaking out of support and resistance levels to reach $71,443.
Another popular crypto investor, Willy Woo, believes Bitcoin’s extended consolidation is a positive sign that its price has not yet peaked, predicting in a May 29 X post that it has more room to grow before reaching the top.
Crypto investor and analyst Daan Crypto Trades believes Bitcoin is currently in a price discovery phase where everything is going well. Daan Crypto Trades commented on the matter in a May 29 post:
“It can be difficult to set targets as there are no levels to watch in price discovery.”
He argued that it could reach $102,073 before the end of the year if it surpasses its current all-time high of $73,679.
Famous Figure Comments on Bitcoin
During this period, crypto investors using different indicators are not so hopeful about what will happen next. Timothy Peterson, founder of Cane Island Alternative Advisors, indicated that Bitcoin’s price could drop to around $54,190 according to its Metcalfe Value. This indicator shows that Bitcoin’s value is proportional to the square of the number of users or participants in the Bitcoin network. The famous figure commented on the matter:
“This is Bitcoin’s Price According to Metcalfe Value. When the ratio is >100%, a bear market of -20% or more has always been predicted. This week it reached 102%. Bitcoin is highly likely to drop to the low 50s within the next 180 days.”
