Bitcoin Likely In for a Long Consolidation Phase, Says Popular Crypto Analyst

An influential crypto analyst, known as Altcoin Sherpa, posits that Bitcoin (BTC) is most likely in the midst of an extended consolidation period. This period, he predicts, will eventually result in a substantial upward price movement for the world’s leading cryptocurrency.

When will the Next Bitcoin Bull Run Occur?

Announcing his prediction to his 196,100 Twitter followers, Altcoin Sherpa suggests that the next bull run for Bitcoin might not occur until about eight months into the future, specifically around early 2024. He voiced the rationale behind his projection, saying:

“Wanted to take a higher time frame view to see where things are at macro wise; I think that most of 2023 is going to be fairly choppy. We’ve had a nice move up of course, but there are going to be weeks/months of consolidation.”

Bitcoin’s Bullish Price Action

Backing his prediction with a technical analysis of bitcoin’s price behavior, Altcoin Sherpa observed that Bitcoin indicates bullish tendencies on the weekly time-frame chart. The digital currency sits comfortably above its major exponential moving averages (EMAs), a striking similarity to how it behaved during a similar run in 2019. He commented:

“We can see on the one-week, all of the EMAs are clumping together and tightening up. This usually means that price is compressing and a big move is coming; it’s also important to see that price is above all of the EMAs and bullish for the first time in a year. Reminds me a bit of 2019.”

Bitcoin’s Potential Trade Range During the Consolidation Period

With respect to trading predictions, Altcoin Sherpa believes that during its long consolidation phase, Bitcoin could experience trading in a broad range, with an upper limit of $40,000, and a lower limit of $15,000. He stated:

“It wouldn’t surprise me at all to see a ranging structure from $35,000-$40,000 or so as the highs and $15,000-$20,000 as the lows. I could see lots of chop and consolidation by the end of 2023 and hoping we start to see some bullish moves by early 2024.”

Will There Be Smaller Rally Movements?

Providing a broader view of the expected future of Bitcoin and altcoin movements, the crypto analyst suggests occasional rallies will be experienced leading up to the anticipated large bull market run. This major run is predicted to commence for the top crypto asset by market cap sometime early in 2024.

“There are going to be a lot of strong runs in between now and then but I think that it’s going to be at least another six-eight months+ before we see any sort of full-blown bull market (and possibly even longer). We’ll have mini altszns (altcoin seasons) similar to how it was in 2019. But I don’t see it being a huge casino where retail is fully in it for a little longer. Best to save cash and trade/invest in the environments you like and probably just go touch grass and enjoy the summer otherwise. Don’t lose all your money before the bull market comes.”

Current Bitcoin Market

At the time of writing, Bitcoin is trading at $30,270, showcasing a marginal decrease of 0.1% in the last 24 hours.