Bitcoin (BTC) Price Prediction: What's the Next Move?

Bitcoin [BTC] has been stuck in a price consolidation phase ($60K—$72K) for over two months, which is painful, especially for short-term holders expecting

Bitcoin [BTC] has been trading within a price consolidation zone ($60K-$72K) for over two months now, a development that has been particularly painful for short-term holders who anticipated massive price upswings.

However, crypto analyst Willy Woo sees this consolidation as “very good” for BTC’s potential to move higher.

“This 2.5 months of consolidation under bullish demand has been very good for #Bitcoin, it means the price has more room to run before topping out.”

Woo’s projection was based on the Bitcoin Macro Oscillator (BMO), which indicated that additional upside moves were possible.

The BMO is an aggregate momentum metric that incorporates other key indicators like MVRV (Market Value to Realized Value), VWAP (Volume-Weighted Average Price), CVDD (Cumulative Value Days Destroyed), and the Sharpe ratio.

In essence, the BMO filters out short-term price noise and captures whether BTC has bottomed or topped from a long-term perspective.

During the 2017 and 2021 market cycles, BTC topped after BMO hit 1.8, but the indicator was reading below 1 at press time.

Hence, based on the BMO, Woo projected that the indicator could move to 1.8 again, as marked by the white arrow in the chart, giving BTC’s price more room to move higher.

Next BTC price move?

Despite the bullish outlook, resistance around the last cycle high of $69K remained a pivotal hurdle, according to Peter Brandt, a renowned BTC technical chart analyst.

As per Brandt, BTC must make “new highs to confirm the bull trend.”

Meanwhile, a recent AMBCrypto report established that the majority of metrics still painted a bullish scenario for the king coin. Notably, miners were not selling their holdings, and the market sentiment signaled “greed.”

However, the only issue for the BTC price was short-term holders. A majority of them were in profit and could book profits, inducing short-term sell pressure.

But another crypto analyst, Cryp Nuevo, predicted that a liquidity hunt could overwhelm short-sellers since most liquidity was positioned near the range-highs at $72K.

That said, AMBCrypto’s Bitcoin price prediction showed that if BTC manages to clear the month-long range highs, $79K could be the next bullish target for the king coin.

The bullish sentiment was further echoed by crypto trading firm QCP Capital.

In its Telegram update to its community, the firm downplayed recent short-term BTC sell pressure from the Mt Gox update as “blips” for a “higher trend.”

“These bouts of supply anxiety are likely to be blips in a broader trend higher into the end of the year.’