Since the beginning of February, the crypto markets have had an extremely bullish influence. The volume exceeds every day, indicating the massive participation of market participants. With BTC price now consolidating within a very narrow range, it is expected that the token could soon repeat a previous price movement. This could trigger a 25% increase in price and reach highs above $75,000, but when?
Recent price movements suggest that Bitcoin has officially entered a bull market and is preparing for another major breakout. According to some reports, OTC desk balances are close to zero, suggesting that large institutions may start accumulating again. Therefore, this, coupled with the fact that profit-taking has declined sharply compared to the 2021 bull market, could be a key reason to be bullish on Bitcoin.
Data from Glassnode suggests that recent advances were less intense at the $40,000 and $50,000 milestones, with single-day profit-taking at $3.2 billion, below the highs of $4 billion to $5 billion in 2021. This suggests that despite the recent bullish price action, investors and institutions are still holding on to their position as they expect a bigger gain in the coming days.
What's next? When will BTC price trigger a healthy upswing?
BTC price appears to be ready for the next stage as funding appears to have normalized while altcoin prices are quite high. The price is consolidating within a narrow range as it was around $50,000 to $52,000 for over 10 days in the previous month. Therefore, Bitcoin (BTC) price is expected to consolidate between $61,000 and $63,000 for some time, which could trigger a fresh uptrend above $70,000 in the coming weeks.
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