Since the launch of a bitcoin exchange-traded fund earlier this year, bitcoin has recovered and even surpassed its all-time highs set during the 2021 bull run. But for weeks, it looked like the largest cryptocurrency was trading sideways at best.
For sure, but I don't see anything surprising, Bitcoin is not always skyrocketing to the moon or doing pumps and dumps like a shitcoin thank God. It needs to consolidate this current level now. But it doesn't reflect the actual level of its adoption IMO, its price is far above it and there is a large part of speculation that could evolve in the coming weeks or months. In the absence of big events scheduled for the next months I don't see reasons for going up further to be honest. If Ethereum ETFs are definitively approved, investors will want to diversify their allocation into cryptocurrencies in order to mitigate risks and capital will fly away from Bitcoin to land into Ethereum.
Even in the bull run, there are months that we could be in the negative, hence it is going down a bit, and it's the normal process. And we have to understand that no market in the world will be on continuous uptrend, even in stocks it's unusual for this to happen.
The thing with Bitcoin is that currently we are in the bull run cycle already, so we need more patience. Halving is done but we have to wait for it to take effect on the market. At least give it up to the end of the year, and maybe by that time we will see the price hitting around in the 6 figures already.