Bitcoin Faces Potential Consolidation Amid Market Uncertainty

Bitcoin may face challenges sustaining its upward momentum unless fresh catalysts reignite investor interest, according to Glassnode. “Without a renewed catalyst to lift prices back above $117.1k, the market risks deeper contraction toward the lower boundary of this range,” the report ￰0￱ is trading around $110,840, approximately 5% below the $117,000 level, according to ￰1￱ the past 30 days, Bitcoin has declined 4.19%. Glassnode noted that historically, failure to hold the $117,000 zone has often led to mid- to long-term market ￰2￱ report also highlighted increased profit-taking among long-term holders, suggesting potential “demand exhaustion.” Shubh Varma, CEO of Hyblock Capital, told Cointelegraph he expects a “relatively volatile month” for Bitcoin, with potential upside between $116,000 and $120,000.

Varma added that “consolidation is the likely outcome” following a recent market crash but noted positive momentum indicators remain. “ETFs inflows remain quite high, and spot volume seems healthy,” he ￰3￱ the recent crypto market drop, U. S.-based spot Bitcoin ETFs had a nine-day inflow streak totaling $5.96 ￰4￱ potential bullish factor is expected rate cuts from the ￰5￱ Reserve, which often support riskier assets like ￰6￱ CME FedWatch Tool indicates a 95.7% probability of a rate cut at the Fed’s October 29 ￰7￱ Mena, a crypto research strategist at 21Shares, said the outlook for the rest of the year is “increasingly constructive for digital assets.” Mena suggested Bitcoin could reach $150,000 as macroeconomic factors and institutional flows ￰8￱ analysts, including BitMEX co-founder Arthur Hayes and Unchained Market Research director Joe Burnett, have forecasted Bitcoin could reach $250,000 by year-end 2025.