Bitcoin has traded in this range for the past month. In true Bitcoin fashion, the range is huge, approximately 32% from bottom to top.
Bullish:
History and the stock-to-flow model suggest that this is a correction and accumulation phase before continuation of the bull cycle. If history is any indication, the BTC long-term bull cycle should last a little more than 500 days. We are currently at about 185. The stock-to-flow model predicts a price of more than $100,000 by the 500th day, and the stock-to-flow cross-asset model predicts a price of more than $250,000 by that same date.
Bearish:
On the other hand, BTC has a relatively short history, so there is no guarantee that history will repeat itself. That, combined with the news out of China could mean that this downward trend could continue in the short-to-mid term.
Overall:
Overall, I expect BTC to resume its bull run by mid-July, if not sooner.
Bullish:
History and the stock-to-flow model suggest that this is a correction and accumulation phase before continuation of the bull cycle. If history is any indication, the BTC long-term bull cycle should last a little more than 500 days. We are currently at about 185. The stock-to-flow model predicts a price of more than $100,000 by the 500th day, and the stock-to-flow cross-asset model predicts a price of more than $250,000 by that same date.
Bearish:
On the other hand, BTC has a relatively short history, so there is no guarantee that history will repeat itself. That, combined with the news out of China could mean that this downward trend could continue in the short-to-mid term.
Overall:
Overall, I expect BTC to resume its bull run by mid-July, if not sooner.