Why Bitcoin's Mundane Phase Could Conclude with a Significant Surge

Bitcoin's prolonged phase of trading sideways with no clear trend dominance might culminate in a substantial price movement. For weeks, the cryptocurrency has been trading between $116.8K and $119.5K, a pattern crypto analyst Michaël van de Poppe finds 'boring' but indicative of a potentially stronger move. Simultaneously, CryptoQuant data reveals the market is in a 'neutral' phase, reflecting a balance between selling activity from long-term holders, ETF inflows, and overall demand.

Analysts also note a short-term cooling period and a decline in the number of Bitcoin wallets holding more than 10,000 BTC, patterns reminiscent of the 2020-2021 bull market. These on-chain signals hint that the current bull cycle may be nearing its end, suggesting traders may want to brace for a significant price movement.