After seeing a drop below $61,000, the price of Bitcoin (BTC) saw a minor rise in the past 24 hours, going up by 2% and potentially reaching the $63,000 mark. The prices of BTC mostly hovered between $61,000 and $64,000. Data suggests that Bitcoin might soon move out of its current consolidation phase.

Expert Opinion on Bitcoin

As per cryptocurrency analyst Rekt Capital, the recent market retreat has broken past records with a -23.6% drop, becoming the deepest decline since the beginning of 2023. This retreat has been one of the longest in this cycle, lasting around 50 days. Bitcoin whale activity has also indicated strong signs of accumulation.

The previous longest retreat cycle lasted for 63 days, hinting that the current dip in Bitcoin's price might be nearing its end. If Bitcoin's price surpasses $64,000, it could potentially reach all-time highs beyond $70,000.

Status Post-Bitcoin Halving

Rekt Capital's analysis suggests that the consolidation in Bitcoin's price post-halving could push it up to $70,000, indicating a slowdown in the cycle. This could align with Bitcoin's historical patterns seen through regular halving cycles. Santiment, a cryptocurrency analytics firm, noted a bearish trend in the market due to no immediate price surge following the halving on April 19. This sentiment might lead to a potential bounce. Negative sentiments have persisted towards top-tier tokens in the cryptocurrency space since the halving, but Santiment predicts a gradual recovery process towards the summer.