After dropping below $61,000 on Thursday, May 9, the price of Bitcoin (BTC) managed a slight recovery over the last 24 hours, increasing by 2% and potentially returning to the $63,000 levels. BTC prices largely remained within the $61,000 to $64,000 range. However, data suggests that Bitcoin may soon exit its consolidation phase.
Expert Opinion on Bitcoin
In the latest analysis, cryptocurrency analyst Rekt Capital points out that the ongoing market retreat has officially surpassed previous records with a -23.6% drop, now becoming the deepest retreat observed at the beginning of 2023, surpassing the previous -22.9% retreat. This retreat also became one of the longest in this cycle, lasting about 50 days. The data obtained indicates that Bitcoin’s current retreat has surpassed the depths of previous retreats in this cycle, signaling a significant shift in market dynamics. Additionally, Bitcoin whale activity has recently shown strong signs of accumulation.
Nevertheless, the longest retreat cycle lasted 63 days. This situation could indicate that the Bitcoin price retreat is likely coming to an end soon, and if Bitcoin’s price successfully exceeds $64,000, it could soon reach $70,000 levels and beyond to all-time highs.
Status Post-Bitcoin Halving
According to an analysis by Rekt Capital, the consolidation in Bitcoin’s current price range post-halving could rise up to $70,000, which might indicate a slowdown in the cycle. This consolidation phase could contribute to re-synchronization with Bitcoin’s historically recurring patterns characterized by the regular halving cycle. Rekt Capital predicts that this could lead to a Bull Market peak from mid-September to October 2025.
Cryptocurrency analytics firm Santiment added that the market currently exhibits a strong bearish trend because the Bitcoin price did not immediately increase following the halving on April 19. This FUD could increase the likelihood of a bounce. The sentiment towards top-tier tokens in the cryptocurrency space continues to be predominantly negative. This sentiment has persisted since the halving, which did not immediately lead to increased market values in the cryptocurrency space. Santiment reported that the increasing uncertainty and withdrawal of small wallets from the sector could potentially serve as a catalyst for a gradual recovery process for Bitcoin and numerous altcoins towards the summer.
