Bitcoin price stagnates for 6month period mirroring calmness seen in 2023

Bitcoin’s price may remain in a consolidation phase for several more months, according to popular trader and analyst Rekt Capital. He compared the current price action of Bitcoin to that of 2023, where BTC/USD experienced extended periods of nonvolatile moves. Rekt Capital pointed out that Bitcoin tends to form re-accumulation ranges after the halving, suggesting that the lack of price upside should not concern bulls. Another analysis supported this view, stating that the recent price correction was long overdue based on previous bull markets. The re-accumulation phase is not only reflected in price but also in miner activity, with the hash rate experiencing a decline. This decline has historically signaled suitable buying opportunities, indicating that Bitcoin may need to experience more pain and boredom before breaking all-time highs.