Bitcoin’s (BTC) recent narrow price range between $94,000 and $100,000 has perplexed many market participants.
While the largest cryptocurrency historically shows strong directional moves followed by months-long consolidations, known as stair-step price movements, this time feels different. Usually consolidations are followed by a breakout. In contrast, now the range has narrowed. In December it was $90,000-$110,000.
Attendees at last week’s Consensus Hong Kong shared the sentiment, with some prominent market makers and industry figures suggesting the rampant memecoin frenzy is a key reason behind the lull in BTC and the broader altcoin market, which feels similar to the lackluster price action from seven years ago.
“The market has been very saturated with memecoin launches, and crypto natives are kind of exhausted by this,” said Evgeny Gaevoy, CEO of leading market maker Wintermute, at the conference.
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