Earlier today, Bitcoin (BTC) finally fell under $10,000 after a week of pure tumult. Despite the fact that this occurrence was brief, with the asset only remaining under the key psychological resistance/support for minutes, maybe even seconds, many were disturbed by the loss of $10,000. But, what exactly is next for the cryptocurrency, which is down by 9.7% in the past 24 hours as of the time of writing this?
Well, as long as Bitcoin manages not to fall dramatically, many expect for BTC to consolidate in a large trading range. As analyst CL points out, since becoming a liquid, tradable asset, Bitcoin has tended to consolidate for months on end at key psychological price points — these being the powers of 10, $1, $10, $100, $1,000, and $10,000 of course. When BTC found itself at parity with the dollar, it took 77 days for it to break out. Each consolidation period has been anywhere from three to six months.