Bitcoin Bull Flag Breakout Confirmed — What Happens Next?

Bitcoin has broken out of the orange bull flag on the 1-hour chart. After consolidating within a tight range, the breakout suggests that momentum is shifting back in favor of the bulls, and potentially setting the stage for a rapid push toward higher resistance levels. Pullback Or Launchpad? What Bitcoin’s Next Move Could Look Like According to MaxFINEancial’s latest analysis on X, he highlighted that a large green double bottom is forming within an orange bull flag on the 1-hour chart, which is a bullish continuation setup. The local high was a test of the trigger line of the double bottom, which signaled intent from the bulls. BTC is retesting the upper edge of the bull flag, aligning with the 1-hour 200-day MA, a critical dynamic support level that often dictates short-term momentum. MaxFINEancial projects a small pink bullish pennant forming and setting up for a continuation move higher. However, a rare diamond top pattern could also be taking shape, a bearish reversal formation that, if validated, may trigger a sharp downside move. If BTC loses the 1-hour 200-day MA, he advises shifting focus to the 4-hour 200-day MA, which is the line of defense. The important bullish area targets are $113,700, $115,867, $117,030, and $122,143, while the bearish diamond top target is $103,079. Market analyst A_y has also highlighted that Bitcoin is consolidating below the $110,000 resistance on the 4-hour chart, with the structure forming a textbook ascending triangle. This setup is the rising higher lows against horizontal resistance that precedes a strong breakout. If BTC manages to break above $110,000, the move could accelerate toward the $112,000 to $114,000 range, marking a bullish trend. However, failure to breach this ceiling may lead to a pullback toward $104,000, where previous demand has stepped in. The Relative Strength Index (RSI) is neutral, suggesting that there is room for momentum to build, while the Moving Average Convergence Divergence (MACD) shows a bullish crossover, that is hinting at potential upward momentum, BTC is still trading below the EMA, which means bulls need to prove strength for a confirmed breakout. Bitcoin Stable At $108,000 — Market Cooling, Not Crashing In an update on X, Chad_TattoosMD also emphasized that Bitcoin is showing resilience and holding strong around the $108,000 level despite the recent dip. BTC is maintaining its structure and refusing to break lower, which is a sign of underlying buyer confidence. The Relative Strength Index (RSI) sits at neutral 54, indicating no extreme momentum in either direction. Meanwhile, the Stochastic (RSI) has entered overbought territory and is now cooling off, hinting at a potential short-term pullback. However, nothing on the chart suggests a breakdown is imminent. Chad_TattoosMD also points to $106,000 as the key support, and $112,000 as the resistance, which remains in a tight zone on the chart.

Bitcoin Whale Activity Heating Up As Big Investors Load Up On Long Positions

Just when the crypto market seemed like the bear market phase was about to begin, Bitcoin, the largest digital asset, has rallied hard, revisiting key price levels such as the $110,000 mark. As BTC’s price has surged sharply, whale investors are exhibiting significant optimism about the asset’s short-term prospects. A Sign Of Bold Bets Among Bitcoin Whales Bitcoin is riding a bullish wave following a renewed bullish market sentiment, causing its price to rise above the $109,000 level. Presently, whales are once again taking risks and increasing their long bets as the price of BTC undergoes a spectacular ascent. This bullish behavior among whales or big investors was announced on the X platform by Alphractal, an advanced on-chain data analytics and investment platform. According to the on-chain platform, BTC whales are in full force of the trend. The expert highlighted that these big investors’ aggressive long positions are constantly piling up while short positions are getting liquidated. Specifically, the aggressive positioning of major investors suggests that they have rekindled their belief in Bitcoin’s upward trajectory and are placing bets on even higher valuations in the future. With BTC’s price rising and whales ramping up long positions, this paints a positive outlook for the flagship asset in the short term. In the meantime, a strong undercurrent of confidence is added to the market as these big players stack leveraged bets in favor of further gains, which might pave the way for the next explosive leg-up for Bitcoin. Alphractal observed the development after examining the Whale Position Setiment metric. BTC Whale Position Sentiment is a key metric that monitors orders totaling more than $1 million. Also, the metric is considered one of the most powerful and alpha-rich indicators in the broader derivatives market. The on-chain platform stated that the metric is frequently strongly linked to the price behavior of Bitcoin, as big investors control the majority of the global trading volume. Should this trend extend alongside a continued BTC rally, it could act as a springboard to a major rally, with the flagship asset reaching a new all-time high in the upcoming weeks. BTC’s Price New Direction Is Upward After a notable bounce, Bitcoin is now challenging key resistance levels as it surges to its current all-time high. Crypto Dan, a market expert and author, has shared insights on BTC’s recent move, claiming that the direction has already shifted toward an upside trajectory. “Looking at Bitcoin’s movements from last April to the present, it appears that the market direction has shifted upward,” the market expert stated. Since April this year, the expert highlighted that US whales and institutions have been steadily reducing their selling pressure, as indicated by the red arrow on the chart. Meanwhile, their buying pressure is being maintained within the yellow box. According to Crypto Dan, Bitcoin is currently in a consolidation phase where short-term overheating is being resolved. Although there is still a chance for a pullback, the expert claims that the overall market trend is still upward, underlining his confidence toward the second half of 2025.

US Gov Could Mine Bitcoin Through Public-Private Deal, Says White House Exec

Bo Hines, executive director of the President’s Council of Advisors on Digital Assets, signalled that Washington is seriously considering a public-private partnership with US miners to expand the Strategic Bitcoin Reserve—without spending new federal dollars. Speaking with Marathon Digital Holdings chief executive Fred Thiel, Hines said that “a public-private partnership between the miners could be a phenomenal way to accumulate Bitcoin for the reserve” adding that the working group is “look[ing] forward to being part of that. White House Considers Partnering With Bitcoin Miners Created by Executive Order 14233 on 6 March 2025, the Strategic Bitcoin Reserve directs the Treasury to amass BTC through budget-neutral means—principally by sweeping forfeited digital assets and deploying “creative solutions” to acquire more. Hines said the inter-agency working group set up under that order is now examining mechanisms that would let industrial miners route a portion of fresh block rewards directly to Treasury custodial wallets, potentially in exchange for long-term power-purchase contracts or accelerated permitting. “We’ll work with Commerce, we’ll work with Treasury Secretary Bessent to find these creative solutions,” he told Thiel. “A public-private partnership between the miners could be a phenomenal way to accumulate Bitcoin for the reserve.” Thiel, whose company operates one of the world’s largest fleets of ASIC rigs, noted that such a scheme would simultaneously increase US on-shore hash-rate and give the government a predictable pipeline of newly mined BTC. “One of the great opportunities—especially that solves two issues—helps the government accumulate Bitcoin and helps Bitcoin miners establish more hash rate in the US—is to partner with the US government,” he said. Hines agreed, replying, “Absolutely. We certainly look forward to being part of that.” The conversation also centred on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which cleared the Senate Banking Committee lately with rare bipartisan support and is queued for a floor vote. Hines called the bill “really monumental,” emphasising that instant-settling, dollar-backed stablecoins would modernise payments and “secure our global dominance for decades to come.” He predicted that regulated stables could propel total digital-asset market capitalisation to “15–20 trillion dollars” and channel new liquidity into Bitcoin once market participants can “move in and out of different asset classes at will.” Pressed by Thiel on how large the reserve should ultimately be, Hines dismissed the question as “silly,” reiterating that officials would pursue every legal avenue to expand holdings: “We want as much Bitcoin as we can possibly accumulate.” Notably, the Executive Order laid down an aggressive schedule: by April 5, 2025 (30 days after signature) every federal agency was to file both a legal-authority review and a full on-chain accounting of whatever Bitcoin or other digital assets it held; by May 5, 2025 (60 days) the Treasury Secretary had to deliver a legal-and-investment evaluation for managing the Strategic Bitcoin Reserve and Digital Asset Stockpile. None of the documents has been released. When asked about the silence, Bo Hines said last week that “there’s nothing in the order that mandates that the report becomes public,” but added the administration “could choose to make it public at some point.” At press time, BTC traded at $109,034.

Bitcoin Price To See 52% Increase To $166,000, Analyst Reveals Tight Timeline

Bitcoin has been gaining strength over the past several days, with price action relaying the buying interest from institutional players. A surge of inflows into spot Bitcoin ETFs helped push the price to $109,758, followed shortly after by another move to around $110,386 in the past 24 hours. This brings Bitcoin within close proximity to its price peak just above $111,000. Now that momentum is clearly leaning bullish, technical analysis shows a breakout that could see Bitcoin increase by another 52% within the next three months. Fibonacci Extension Model Points To $166,000 Price Target CryptoCon shared a chart based on Fibonacci extensions that places the next major upside target at $166,754. This level corresponds to the 5.618 Fibonacci ratio and marks a projected 52% increase from the current region around $109,000. The analyst highlighted how previous Fibonacci extension levels like $30,362, $46,831, $71,591, and $109,236, have all aligned with important points for Bitcoin’s price action throughout the ongoing cycle.  According to CryptoCon, this model has consistently tracked Bitcoin’s moves over the past two years. As shown in the price chart below, the 1.618, 2.618, 3.618, and 4.618 Fibonacci extension levels have all been reached this cycle, with the latest being $109,236 at the 4.618 Fib level. Keeping this in mind, the next Fibonacci extension level is at 5.618, which corresponds to $166,754.  The $166,000 mark has remained unchanged as the cycle’s next projection. But although the timing has proven difficult to nail down, the structure of the chart is still intact and continues to validate the target. Bitcoin’s price action is currently sitting just above the 4.618 extension level, and a 52% rally from here would complete the pattern.  Revised Timeline Pushes Target To September Although the projection for $166,000 is still consistent, the timeline to reach it has undergone several adjustments. CryptoCon estimates that Bitcoin could reach the $166,000 level by September; however, he also acknowledged that the forecast has shifted several times.  He explained that the current cycle has taken longer than any previous one, which has caused earlier predictions to be delayed. To put this in perspective, Bitcoin’s current cycle began in late 2022 after it reached a bottom around $15,000 during the bear market. This means the current bull phase has dragged on for almost three years. Still, data has shown over and over that the cycle is not finished, and so the only thing left to do is to wait. At the time of writing, Bitcoin is trading at $109,110. If the $160,000 price target is eventually reached in September, the next outlook would be a possible move to the 6.618 Fib extension, which is sitting at a price target of $254,162.

Altcoin Season Not Remotely Close, Bitcoin Dominance Still Too High: Market Expert Says

The wait for altcoin season continues as the crypto market is still showing signs of bearish movement. Expectations are high that the altcoin market will begin to rally soon, but not everyone is optimistic that the altcoin season is coming. One of those is market analyst and expert Stockmoney Lizards, who has said that it is not happening soon. Altcoin Season Is Not Happening Soon In an X (formerly Twitter) post, Stockmoney Lizards informed their over 160,000 followers that the altcoin season could not be happening anytime soon. The analyst said that it is “not even remotely close”, pointing to the rising Bitcoin dominance as the reason why the altcoin season is still far off. Analyzing the chart, the market expert explains that despite the Bitcoin dominance having fallen by around 2%, it still doesn’t mean much. This is because the dominance is still very strong and continues to trade inside the channel. This channel also charts a possible increase in the Bitcoin dominance from here, which would be detrimental for altcoins. So far, the Bitcoin dominance has also managed to hold above 65%. While this is not the highest it has ever been, it is still incredibly high, with previous altcoin seasons not happening until the dominance had fallen toward 40%. The analyst doesn’t entirely rule out the possibility of an altcoin season, saying it will still come. However, for now, Bitcoin continues to dominate, as he explains that “BTC is the measure of all things.” Altcoin Dominance Reaches 2021 Levels As the Bitcoin dominance has risen and the altcoin dominance has fallen, they have gone toward levels not seen in years. For example, the last time the Bitcoin dominance was above 65% was back in 2021 before it crashed to usher in the altcoin season, according to data from CoinMarketCap. Even worse is the Ethereum dominance, which has dropped to 5-year lows. Sitting at only 8%, it is now at levels recorded back in 2020 before the market rebounded from the COVID-19 crash. This has greatly diminished Ethereum’s ability to pull the altcoin market up with it. In the same vein, the altcoin dominance, excluding Ethereum, has now dropped to 26%. The last time that the OTHERS dominance was this low was in 2021. However, this was right around when the altcoin season was starting, suggesting that the current market could be at the cusp of another altcoin run. Nevertheless, for there to be any sustainable altcoin season, the Bitcoin dominance must first crash. Going by what happened back in 2017 and 2021, at least a 40% crash in the Bitcoin dominance is required to usher in the altcoin season.

Revised Elliott Wave Count Reveals When To Sell Bitcoin — It’s Above $300,000

A recently revised Elliott Wave count analysis by market expert Gert van Lagen has pinpointed a potential price peak for Bitcoin (BTC) above $300,000. The updated price outlook signals that the current market cycle is far from over, with higher targets now in play and this new sell zone outlined for investors considering taking profits and aiming to exit the market at the top.  Updated Forecast Puts Bitcoin Price At $395,000 On July 1, Lagen posted an updated Elliott Wave count analysis on X social media, revealing a step-like parabolic formation that suggests that Bitcoin could be entering the final leg of its bullish cycle. The analyst chart predicts that Wave 5 is now potentially targeting a bold market top near $395,000, which also aligns with a sell zone. The chart outlines a textbook parabolic curve, marked by four distinct consolidation phases labeled Base 1 through 4, reflecting a classic structure of a step-like upward move. Lagen’s revised forecast suggests the possibility of a gradual but explosive price movement where the final stage delivers the sharpest rally.  According to the updated weekly wave count, Bitcoin completed its Wave 3 above $106,000 and recently concluded Wave 4 below $79,000. The chart shows that Wave 5 has now begun and is unfolding with subwaves i and ii already formed. The next major move is expected to come in subwave iii of Wave 5, which Lagen states would confirm itself through a decisive break above Bitcoin’s current all-time high.  This breakout is expected to trigger a strong continuation upward, with the analyst drawing a projected sell line between the $350,000 and $400,000 zone. The chart’s parabolic curve also rises deeply into August 2025, meaning the final peak of Bitcoin’s Wave 5 is anticipated in the next few weeks.  In his earlier wave count analysis, Lagen projected that Bitcoin could climb above $345,000 within the same timeframe. However, the newly updated analysis points to a much higher cycle top target, with the analyst’s step-like structure strongly supporting the possibility of BTC tripling its current value of $109,208—positioning $395,000 as a strategic level for profit taking.  Community Casts Doubts Over Ambitious BTC Target Despite Lagen’s well-structured technical case for a parabolic rise in Bitcoin, many in the crypto community remain skeptical about the likelihood of the leading cryptocurrency reaching $395,000 in such a short timeframe. Some members argue that the chart overlooks critical downside risks, including the possibility of a retracement toward the mid-$90,000 range due to unfilled gaps and market structure inefficiencies.  Others point to macroeconomic and geopolitical pressures as limiting factors, believing the broader cycle may be running out of steam — making a move above $350,000 within the next two months unlikely. For critics, the idea that Bitcoin will climb to nearly $400,000 by August 2025 appears overly optimistic and disconnected from prevailing market dynamics.

TD9 Setup On Bitcoin Price Chart Suggests It Could Take 4 Years To Reach $149,000 — Details

According to a new analysis shared by crypto analyst Tony “The Bull” Severino, Bitcoin has just closed the quarterly chart with a perfected TD9 sell setup. This is actually interesting, because it adds a possibly long timeline before Bitcoin can reach any further significant price target.  Most of Bitcoin’s daily candles in the past seven days have shown mild upward pressure supported by positive sentiment from various technical analyses. However, according to the TD9 setup, Bitcoin could take up to four years to reach $149,000. TD9 Setup Hints At Slow Climb To $149,000 The TD9 is a component of the TD Sequential indicator, which is often used to identify trend exhaustion, potential reversals, and possible trend changes. Interestingly, what makes this particular signal notable at this point is that it is now projecting a TD Risk level of $149,490, which is essentially a price target for Bitcoin. But if past patterns on the TD9 indicator are anything to go by, getting there might take much longer than bulls expect. In 2017, a similar perfected TD9 appeared during Bitcoin’s first rally to $20,000. At the time, the TD Risk was projected at $35,000. It wasn’t until late 2020, roughly four years later, that Bitcoin finally reached and broke above that level. A prior occurrence in 2014 offered the same story.  Back then in 2014, the TD9 setup projected a TD Risk of $2,400, but it took approximately 3.5 years to cross that threshold. Now, despite the bullish sentiment today, this historical precedent suggests it could take similar years before the $149,490 target being currently projected by the TD Risk is finally tested or breached. The 3-month candlestick price chart shown above provides a visual analysis of this projection. From the 2014 cycle low, it took 915 days across 10 quarterly candles for Bitcoin to reach its next high. After the 2017 signal, it took 1,096 days (or 12 quarterly candlesticks) for BTC to finally surpass the projected TD Risk level.  Bitcoin Price Action On Gradual Climb Bitcoin has spent the past seven days in a steady but modest uptrend, rising approximately 1.5% from a weekly low around $105,430 to the current range between $109,240 and $109,600. During this move, Bitcoin’s price action tested and retested resistance in the $108,200 to $108,800 zone several times in the past 24 hours. However, it ultimately pushed higher, showing a slow but stable bullish undertone. At the time of writing, Bitcoin is trading at $109,330, up by 2% in the past 24 hours. It is currently about a 36% move away from reaching the $149,490 price target. However, if Tony Severino’s timeline on the TD9 Risk setup does play out, it wouldn’t be until sometime around July 2029 before Bitcoin reaches the $149,490 price target.

Bitcoin Finds Support Above 50-Day SMA, But Next Direction Remains Uncertain

Bitcoin is holding steady above its 50-day Simple Moving Average (SMA), showing signs of underlying strength despite a lack of clear directional momentum. With rising trading volume and mixed technical indicators, the next move could swing either way, keeping the market on edge. RSI Holds Neutral As Bitcoin Awaits A Clearer Signal According to Shaco AI, in a recent update on X, Bitcoin is currently hovering around $107,264.17, positioning itself just above two key moving averages. It’s nudging the 25-day SMA at $107,229.82 and holding slightly above the 50-day SMA, which sits at $107,040.81. This positioning reflects a mild bullish bias in recent sessions, keeping both bulls and bears on alert. Looking at momentum indicators, the Relative Strength Index (RSI) is resting at 53.36—firmly in neutral territory. This suggests that Bitcoin is neither overbought nor oversold at the moment, offering no strong directional clues as it keeps the market guessing. Furthermore, the Average Directional Index (ADX) adds to this indecisive mood, coming in at a soft 20.44. This low reading signals a weak trend, meaning there’s not enough force from bulls or bears to drive a clear breakout just yet. In other words, the market isn’t leaning heavily in either direction. Meanwhile, the Moving Average Convergence Divergence (MACD) remains in negative territory at -137.33. Although it isn’t signaling any strong downward momentum, traders may want to stay cautious and alert for any sudden shift in the current tone. Despite the technical indecision, market activity is picking up. Bitcoin’s recent trading volume has surged to 1903.51, well above the average of 1522.43. This uptick signals a rise in interest and participation, indicating that traders are actively positioning themselves in anticipation of Bitcoin’s next move. Critical Zones At Play As Market Prepares For A Directional Push Looking at key levels, Shaco AI highlighted that resistance is at $108,789.99, which seems to be a strong level to overcome. The level marks a significant ceiling for Bitcoin, and any attempt to push higher will need solid momentum to break through. On the other hand, support lies at $104,622.02. This support level will be critical in case the price begins to retreat, as a breakdown here could open the door for further downside. Based on current indicators, the analyst suggests it’s wise to keep an eye out for potential movement in either direction. With volume picking up, Bitcoin may soon test either the resistance above or fall back to support, depending on how momentum develops in the coming sessions.

Bitcoin Consolidates Below Resistance — Can It Seal A Weekly Close Over $107,720?

Bitcoin is at a pivotal point, and the weekly close could define its next move. To confirm bullish continuation and strengthen market confidence, BTC needs to secure a solid weekly close above $107,720. Bitcoin Weekly Candle Could Set The Stage For A Run Bitcoin is approaching a make-or-break moment, but if BTC can secure a strong weekly close above $107,720, it could trigger a move toward the $130,000 to $135,000 range in Q3. This key level is acting as a resistance zone, and breaking it could unlock a new wave of bullish momentum. SatheMeme_Expert revealed on X that a similar setup had appeared in Q4 2024, when BTC posted its biggest weekly close of the year. The result was an unstoppable rally that shattered resistance and fueled one of the strongest bullish legs of the cycle. The weekly chart shows Bitcoin is trading within a well-defined historical parallel channel. As mentioned by Pinnacle_Crypto, this channel has previously marked a breakout point in October 2023 and October 2024, which fueled upward moves. If this pattern continues, BTC could be on track to reach the $150,916 target in October 2025. The channel provides a roadmap, with key breakouts that signal the start of rallies. Alongside, price dips will serve as accumulation zones. Crypto analyst Gemxbt also highlighted that Bitcoin’s 1-hour chart is currently in a downward trend, but the price is attempting to bounce off a support zone near $106.500. So far, this area is holding firm, providing a foundation for buyers to step in, and technical indicators support this potential shift. The Relative Strength Index (RSI) is recovering from oversold levels, hinting that selling momentum is waning, while the Moving Average Convergence Divergence (MACD) indicator is nearing a bullish crossover, which could signal the start of upward momentum. However, for a meaningful reversal to hold, BTC must overcome the critical resistance near $108,500. A breakout above with sustained volume will be crucial to confirm the trend and bullish momentum. Consolidation Phase Matures — Breakout May Be Imminent BTC is consolidating inside a descending channel formation on the daily chart, a pattern that typically reflects a phase with a broader trend. Dynamite Trader emphasized that BTC is currently trading above the 50-day moving average (MA 50), a technical level that is now solid for the bulls. A breakout above the descending channel would mark a shift in sentiment and momentum, potentially triggering a bullish continuation toward the $120,000 region, the next psychosocial target on the macro chart. According to MiraCrypto, Bitcoin has shown a strong breakout from the descending channel on the 1-day chart, signaling a shift in momentum. BTC is now consolidating above the resistance, which has turned into support. This consolidation above the breakout levels is a bullish continuation signal seen before the next leg higher. MiraCrypto noted that as long as BTC holds this zone, the path remains open for a move toward $135,000.

Analyst Says Cycle Is Not Finished Amid 2 Years Of Bitcoin Sideways Movement

Bitcoin (BTC) is now 195 days into its latest sideways movement, which is part of a broader two-year stretch marked by sluggish price action and short-lived rallies. According to a crypto analyst, just 36 days of meaningful gains have defined this cycle, while the rest have been a relentless grind. Still, despite the clear market fatigue and repeated new lows, the analyst insists that the cycle isn’t over yet.  Bitcoin Cycle Sees Only 36 Days Of Real Gains The current Bitcoin market cycle is being closely examined, as a new analysis by expert analyst Crypto Con delves deep into the cryptocurrency’s past movements, revealing two full years of sideways price action with only brief periods of upward momentum. The analyst’s chart, titled “Cycle 4 Ranges and Expansions,” highlights a pattern of prolonged range-bound activity interrupted by short bursts of expansion. As of now, Crypto Con notes that Bitcoin has been consolidating for 195 consecutive days since December 18, 2024, without setting a new local high. The chart analysis shows that the total time spent in actual upward expansion in the entire cycle is just 5.76 months. Even more interesting is the fact that when isolating the days in which Bitcoin recorded new local highs, the number shrinks to just 36 days.  According to the market expert, these expansion bursts are responsible for all of Bitcoin’s significant price increases during its current cycle. Every expansion phase has also occurred within extremely narrow windows—typically just two to five days long. The rest of the cycle after this has been characterized by a consistent sluggish grind and long stretches of price consolidation, where momentum fades and the market struggles to advance.  Flattened Price Action Hides Cycles’ Underlying Strength A closer look at the bottom section of Crypto Con’s chart, which removes the expansion bursts, shows how Bitcoin’s price has essentially remained flat or trended lower throughout the cycle. Major sideways phases in 2023 and 2024 lasted 192 days and 238 days, respectively, offering minimum sustained upside. The current 2025 range has now extended close to 200 days, continuing the trend of market inactivity.  Despite the drawn-out stagnation, Crypto Con maintains that this cycle is not over yet. He implies that Bitcoin’s prolonged accumulation and consolidation could be building pressure for a significant breakout. The chart also shows Bitcoin’s next potential upside target between $165,000 and $180,000. Currently the leading cryptocurrency is trading at $106,990, meaning a jump anywhere between these targets would represent price  increase of over 54%.  If previous patterns hold, BTC’s next major move may arrive swiftly, as past expansions have delivered their impact in just a few trading sessions. Until that moment arrives, Bitcoin remains locked in what is shaping up to be the slowest and possibly the most patient-testing cycle to date.