Bitcoin may trade sideways for months after finding bottom

Even if Bitcoin confirms a bottom amid the current bear market, it is likely to trade sideways for several months before a recovery begins, CoinDesk reported. The analysis cited data from on-chain platform Glassnode's "Realized Cap HODL Waves" indicator. Currently, long-term Bitcoin holders account for about 80% of the total supply, a figure approaching the 85% level seen at previous bear market bottoms. Based on historical patterns, the price tends to bottom out several months before this indicator reaches the 85% mark. This suggests a period of consolidation where long-term investors accumulate Bitcoin at undervalued prices. Therefore, even if a bottom is imminent, a multi-month sideways trend could precede any significant upward movement.