🔥🔥🔥#bitcoinin the 42-day ‘boredom zone’ –#tradersdebate the next step

Bitcoin ($BTC) has been trading in a “bored zone” for 42 days, leaving cryptocurrency traders divided over its next move. Some predict a rise, while others predict a 20% pullback to crucial support levels.

Crypto trader CryptoCon noted the lack of volatility in Bitcoin's price as a key indicator of market boredom in a May 30 post on X. Bitcoin is currently trading at 68,076, up just 6.7% on compared to 42 days ago (data from CoinMarketCap). Throughout this period, it mostly traded within a narrow range, except in two cases where it broke its support and resistance levels of US$ 58.253 and US$ 71.443 respectively.

Trader Willy Woo sees the extended consolidation as positive, suggesting that Bitcoin has “more room to run before it tops out,” as he posted on May 29. Likewise, Daan Crypto Trades believes that Bitcoin is in a price discovery phase where “anything goes.” ” He speculated that once Bitcoin surpasses its all-time high of US$ 73.679, it could reach US$ 102.073 by the end of the year.

However, some traders are less optimistic. Timothy Peterson, founder of Cane Island Alternative Advisors, highlighted the Bitcoin Price to Metcalfe Value indicator, which suggests a potential decline. When the index exceeds 100%, it has historically predicted a bear market of -20% or more. The ratio recently reached 102%, indicating a two-thirds chance of a 20% decline over the next six months, possibly dropping the price of Bitcoin to $$ 50,000.

Source - cointelegraph.com