Bitcoin Nears Record-Long Consolidation During Halving Year
The CEO of CryptoQuant, Ki Young Ju, has highlighted that Bitcoin (BTC) is approaching a historically extended phase of sideways movement during one of its halving years.
He mentioned that if the leading cryptocurrency fails to initiate a rally in the next two weeks, it will set a record for the longest period of consolidation during a halving year.
285 days have passed in 2024. If there is no #Bitcoin bull market within the next 14 days, this will mark the longest sideways in a halving year in history. pic.twitter.com/JWHkgHC27C
— Ki Young Ju (@ki_young_ju) October 11, 2024
As of now, 285 days have passed in 2024. Ki noted that without a significant upward movement in Bitcoin’s price within the next 14 days, it would mark a record-breaking duration of sideways trading in the context of halving years.
The halving cycle, which occurs every four years, reduces Bitcoin’s mining rewards by 50%. This event has typically been followed by substantial price rallies, often leading to new all-time highs for the cryptocurrency.
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Ki is also monitoring the Coinbase premium, which reflects the price difference between Bitcoin on Coinbase Pro and Binance. He pointed out that whale activity on Binance has been a significant factor preventing Bitcoin from reaching new highs.
Since March, Bitcoin has shown considerable price volatility. The Coinbase premium has indicated significant variations, with whales buying at around $72,000 and selling at $53,000.
According to Ki, this activity has created barriers that hindered Bitcoin from breaking through previous all-time highs and defending the $53,000 mark. He believes that a near-zero premium could potentially serve as a point of support or resistance.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
