For several months, Bitcoin has been puzzling investors and traders by maintaining a narrow range while trading between $60k and $70k. Nonetheless, PlanB, a renowned Bitcoin analyst, has offered insights into Bitcoin’s sideways zig zag movement along with discussing the factors responsible for the respective unusual behavior.

8-Month Price Stagnation Raises Speculations about Future of Bitcoin

PlanB mentioned in an exclusive YouTube video that the present price levels signify that the chief crypto token is still going through a bull market. However, the price stagnation has paved the way for several to think about something additionally unusual. The analyst added that this 8-month span of price stagnation remains unprecedented in the history of Bitcoin.

                                                                                  Bitcoin cycle chart shared by PlanB

Normally, when bull markets occur, Bitcoin’s price witnesses a consistent rise. The former bull runs saw substantial price spikes following the confirmation of the bull market. Nonetheless, this time, the top crypto token’s price has maintained its flat level. This has resulted in speculation about external forces such as premature ETF-driven buying and market manipulation.

ETF Hype Leads to a Jump in Bitcoin’s Price Before Halving Event

Nevertheless, as PlanB believes, this extended time of flat price levels has not resulted from manipulation. Rather, the analyst labels it as a consequence of an oddly early pump that took place before the Bitcoin halving of this year. In line with the historical data, halving events works as a trigger that commences the bull markets. However, in the present scenario, the thrill surrounding $BTC ETFs led to a jump before the respective event.

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This has reportedly contributed to a premature price rise. Subsequently, Bitcoin went through a swift jump from almost $20,000 to approximately $63,000. This preceded sideways price movements for several months. Although this movement may appear unusual, Plan B the claims that a gradual increase instead of being resulted from ETF-related speculation would have seemed different.

The Analyst Advises Patience during Current Price Stagnation as It May Result in an Uptake

Based on these statistics, PlanB advises patience during lengthy flat periods. The historical movements of Bitcoin’s price present such a stagnation phase often leading to massive price jumps. Thus, the next pump of Bitcoin will occur at a suitable time with support from fundamental factors such as institutional interest and the halving cycle.