Bitcoin continues to have Boring Days! So What's Next? Up or Down? CryptoQuant Revealed!

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Bitcoin has been moving within a certain range for a long time, and there is curiosity about when the price will rise.

At this point, CryptoQuant analyst pointed out that Bitcoin, which has been stuck in a price range between 90,000 and 106,000 dollars for the past few weeks, faces the risk of a consolidation similar to March 2024 that could last for months.

The analyst reminded that Bitcoin went through a consolidation phase of about seven months from March 2024 to October 2024 before continuing its upward trend with the excitement around the victory of US President Donald Trump.

Stating that the number of Bitcoin active wallets and transactions is on a downward trend, the analyst also said that the accumulation rate of spot Bitcoin ETF has slowed down and there have been outflows.

According to the analyst, apart from these, there is also a decrease in the number of transaction outputs (UTXO), and the magnitude of this decrease resembles the correction period in September 2023.

At this point, the analyst noted that if the current downward trend continues, signs of investor outflows could be seen, similar to the peak of the market cycle in 2017. However, the analyst stated that it is too early to say that the current bull cycle is over with the decline in UTXO alone, adding that other indicators for BTC are bullish.

He said that the previous bullish wave was due to Trump's victory and that it was already priced in.

"Since previous bullish narratives are already priced in, resolving uncertainties or new bullish catalysts are needed for further upside."

The analyst stated that the concrete reflection of Trump's pro-cryptocurrency stance on the market and the fears of the trade war initiated by Trump causing uncertainty in the market, "Given the current conditions, it is very difficult to predict the short-term price movements of Bitcoin. If market conditions improve and uncertainty is resolved, Bitcoin may continue its upward movement. If uncertainty persists, another long consolidation phase similar to the one that started in March 2024 may occur."

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CryptoWorldTechnicalAvip
· 02-24 16:25
Just go for it💪
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