Bitcoin’s Rangebound Trade May Be a Pause Before Further Decline, BTC.top Founder Warns

BitcoinWorld Bitcoin’s Rangebound Trade May Be a Pause Before Further Decline, BTC.top Founder Warns Bitcoin’s prolonged sideways movement between $60,000 and $70,000 could be a temporary pause in a broader bottoming process, according to Jiang Zhuoer, founder of mining pool BTC.top.

In a recent analysis, Jiang drew parallels between the current market conditions and Bitcoin’s behavior in 2018, when a similar period of consolidation preceded a sharp price drop.

Historical Precedent: The 2018 Pattern Jiang noted that in 2018, Bitcoin repeatedly tested support at $6,000, a level many investors considered an unbreakable floor. For about two and a half months, the cryptocurrency traded sideways in the $6,000–$7,000 range.

However, that support eventually gave way, and Bitcoin plunged to around $3,000. Jiang suggests the current market is mirroring that pattern, with Bitcoin trading in the $60,000–$70,000 range for the second consecutive month.