Bitcoin traders expect a ‘long consolidation’ phase now that BTC trades below $21K

Bitcoin traders expect a ‘long consolidation’ phase now that BTC trades below $21K


Crypto traders had a brief opportunity to pause and take stock of where things are on June 16 as the relentless selling that has hammered Bitcoin (BTC) and the wider market over the past week began to relent despite an ongoing sell-off in the traditional markets

Data from Cointelegraph Markets Pro and TradingView shows that after climbing to a high of $23,000 in the early trading hours on June 16, the price of Bitcoin slowly trended down on diminished trading volume to hit a low at $20,765.

BTC/USDT 1-day chart. Source: TradingView

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Here’s what several analysts in the market are saying about the outlook for Bitcoin moving forward as crypto traders try to determine if the bottom is in or if there is more downside ahead.

Expect multi-month

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