Bitcoin will see ‘long bear market’ says trader with BTC price stuck at $19K

cointelegraph.com:

Bitcoin (BTC) failed to reclaim recent losses into July 2 as traders prepared for stagnant price action to continue.

Data from Cointelegraph Markets Pro and TradingView tracked a limp BTC/USD as it chopped around the $19,000 mark into the weekend.

The Wall Street trading week had finished without surprises, with United States equities practically stagnant — providing little impetus for crypto volatility. The U.S. dollar index, or DXY, fresh from a retest of twenty-year highs, ran out of steam to circle 105 points.

Order book data from largest global exchange Binance showed BTC/USD caught between buy and sell liquidity close to spot price, ensuring a lack of volatility until traders maneuvered or added significantly to bids or asks.

Zooming out, the outlook hardly seemed any more optimistic for bulls.

For popular trading account Altcoin Sherpa, current conditions promised an extended period of uninspiring performance from Bitcoin which could last much of 2022.

“Its gonna take months to chop around and accumulate once the bottom is found,” it told Twitter followers.

The sentiment was echoed by trader and analyst Rekt Capital, who argued that Bitcoin had not yet made new macro lows or started to consolidate.

#BTC may still very well be in the “Downtrend Acceleration” phase of its correctionBut this phase will precede the “Multi-Month Consolidation” phaseWhich will precede the “New Macro Uptrend” phase$BTC #Crypto #Bitcoin

“Deleverage yourself. Get your Bitcoin into cold storage. Sit tight,” Checkmate, lead on-chain analyst at research firm Glassnode added.

The next week or two could prove to be this cycle's lows, meanwhile, lending a degree of hope to those concerned that the bottom is still months away.

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