Bitcoin's consolidation around $60,000 could last several months

As Bitcoin (BTC) continues to consolidate around the $60,000 mark, this period of stability could potentially last several months.

The Relative Strength Index (RSI) of Bitcoin , the leading DeFi asset, hit its most oversold level in over 300 days.

Bitcoin's RSI has currently reached 30, a level last seen in September 2023. This previous occurrence led to an over three-month consolidation just below the key resistance at $30,000, as pseudonymous crypto analyst Jelle noted in publication on X (Twitter) on June 27.

Given this historical chart pattern, the expert suggests that if history repeats itself, Bitcoin, the largest crypto asset by market capitalization, could face an over three-month consolidation below $70,000.

However, Jelle also pointed out that after this “period of fragmentation", followed by "capitulation in key support,” BTC could see a significant upside move, as he mentioned in a comment below his post, noting that the asset is now very close to key support levels.

One indicator of future price performance is the RSI. Professional crypto trader Ali Martinez emphasized , that the current RSI suggests that it is an ideal time to buy the Bitcoin dip.

However, the crypto market is proverbially volatile and conditions can change unexpectedly. That's why conducting thorough research and keeping up-to-date on relevant events is crucial when investing in assets like Bitcoin, despite the bullish outlook for its future price performance.

At the time of writing, BTC is trading at $61,246.