Extended Bitcoin Consolidation Could Trigger More Powerful Rally: Market Expert
A cryptocurrency market analyst suggests that Bitcoin's extended period of sideways price movement could set the stage for a more substantial upward surge.
Bitcoin's extended period of price consolidation underneath the $70,000 threshold could be setting the stage for a more substantial upward movement, a cryptocurrency market expert suggests.
Michael van de Poppe, the founder of MN Trading Capital, stated in a Friday post on X that "The longer it lasts, the heavier the breakout will be."
Van de Poppe noted that "Bitcoin remains stagnant in this area, which means that there's literally no direction," while indicating he is monitoring for Bitcoin (BTC) to push past the $71,000 mark, a price point the cryptocurrency hasn't touched since March 26.
Bitcoin has been trading in a narrow range
Following its descent to a yearly bottom of $60,000 on Feb. 6, Bitcoin has maintained a tight trading corridor spanning from $60,000 to $74,000. At the time of writing, Bitcoin is exchanging hands at $66,890, representing an 8.25% decline across the preceding 30-day period, data from CoinMarketCap shows.
In a Friday X post, cryptocurrency analyst Ted indicated that $60,000 "wasn't the bottom." He clarified that "This doesn't mean another 50% crash will happen," but suggested that "there'll be one final capitulation before the bottom."
The bullish forecast from van de Poppe emerges at a time when attitudes toward the wider cryptocurrency marketplace have turned pessimistic. On Saturday, the Crypto Fear & Greed Index, an instrument that gauges aggregate sentiment across the crypto sector, remained within "Extreme Fear" levels, posting a reading of 11.
"Deeper bear" for Bitcoin still on the cards
Although van de Poppe is monitoring for a possible trend reversal while Bitcoin continues its consolidation phase, other market observers maintain more cautious positions.
In a Mar. 30 X post, Bitcoin analyst Willy Woo stated that there is a "very good chance we get a deeper bear due to a breakdown of the secular bull market in global macro."
At the same time, seasoned trader Peter Brandt recently shared with Cointelegraph that he doesn't expect Bitcoin to achieve a new all-time high price during 2026.
Brandt specified "Not until maybe the second quarter of 2027," he added.