Home » Bitcoin Bitcoin traders expect a ‘long consolidation’ phase now that BTC trades below $21K Bitcoin Reading 2 min Analysts say the entire crypto market is in for a very long consolidation and accumulation period following BTC’s current drop to 2017 highs. Crypto traders had a brief opportunity to pause and take stock of where things are on June 16 as the relentless selling that has hammered Bitcoin (BTC) and the wider market over the past week began to relent despite an ongoing sell-off in the traditional markets. Data from Cointelegraph Markets Pro and TradingView shows that after climbing to a high of $23,000 in the early trading hours on June 16, the price of Bitcoin slowly trended down on diminished trading volume to hit a low at $20,765. BTC/USDT 1-day chart. Source: TradingView Here’s what several analysts in the market are saying about the outlook for Bitcoin moving forward as crypto traders try to determine if the bottom is in or if there is more downside ahead. Expect multi-month consolidation at the 200-week MA A macro perspective of the journey that Bitcoin has taken over the years and how its past can offer insight into the current market setup was discussed by analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart highlighting BTC’s behavior near its 200-week moving average (MA). BTC/USD 1-week chart. Source: Twitter Rekt Capital said, #Bitcoin– At a price where shorting no longer makes sense. But also at a price that longing is still very risky. Unless using tight risk management this is a spot buy only zone for majority. It's ok to wait for a trend to develop to start trading again. — IncomeSharks (@IncomeSharks) June 16, 2022 The overall cryptocurrency market cap now stands at $905 billion and Bitcoin’s dominance rate is 44.3% The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.