Bitcoin is feeling awfully heavy these days, which probably means it's going to consolidate for a while before the next leg up
Back in 2017, the bull market was pretty relentless.
The pullbacks lasted, on average, a handful of weeks.
The price dipped quickly, but it was right back making new highs in a matter of weeks.
That isn't what we are really seeing this time around... at least it is starting to look like we aren't.
Bitcoin first hit about $60k on February 15th, technically it was $58k, but we will call it $60k for the time being.
Here's the chart:
Well, here we are almost 4 months later and the price has mostly stayed between $50k and $60k.
It's been consolidating for the most part, for almost 4 months now.
That is a bit different than what I described above in terms of the bull market.
Back in the 2013 bull market there was a huge move up, followed by many months of consolidation followed by a moon shot.
It's starting to look more like that pattern than the former.
That chart above looks like it could dip all the way to about $40k, but if we follow more closely the 2013 pattern like I mentioned above, we have already seen the lows around $47k and will mostly just go sideways for another couple months before breaking out to the upside end of the this year.
The weakness has been mostly following the weakness in the tech sector which has been wrecked the past several months, down some 20%.
This market may not go up for some time yet, though the lows are probably already in for this consolidation period.