Analysts say Bitcoin price could range trade for up to 5 months, but longer-term technical and on-chain data continues to point to a 6-figure BTC price target.
According to Capriole Investments founder Charles Edwards, stock and crypto market seasonality, along with Bitcoin on-chain data, suggest that BTC price could consolidate for 4 to 5 months.
In a new report, Edwards said that Bitcoin continues to oscillate within the cycle range highs in the $58,000-65,000 region, with continuous weekly closes above the $58,000 “supportive of the long-term trend continuation.”
Likening BTC’s price action to gold, which formed a “massive cup and handle” pattern over the last 13 years, with the “cup” lasting four years, Edwards noted how Bitcoin appears to show the same chart pattern.
