Alarming CPI data and new legal challenges yet again prevented Bitcoin (BTC) from entering the bull market. Should it spend two more weeks in limbo, BTC’s performance might end in a situation that has never been seen before, according to CryptoQuant’s founder.
Bitcoin (BTC) on verge of “longest sideways” in halving year, Ki Young Ju says
Bitcoin (BTC) is on its way to scoring its longest sideways phase in halving years ever. Starting from today, it has only 14 days left to follow the pattern registered after previous halvings. Should history repeat itself, Bitcoin (BTC) has only two weeks left to start surging fast, as demonstrated by CryptoQuant’s founder and CEO Ki Young Ju.
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
Today, Bitcoin (BTC) is 285 days into 2024. During every previous halving year, the largest cryptocurrency was already in the parabolic phase of its growth.
Bitcoin (BTC) halving is a periodical event on the oldest blockchain that marks a 50% reduction of the issuance of new Bitcoins. In 2024, the metric dropped from 6.25 Bitcoins (BTC) per block to 3,125 Bitcoins (BTC) per block.
Bitcoin (BTC) halvings (or halvenings) happen once every four years; previous events took place in 2012, 2016 and 2020. Typically, having is interpreted as the most powerful macro monetary catalyst for Bitcoin’s (BTC) price, as it makes the asset programmably scarcer.
In previous cycles, Bitcoin (BTC) was setting new all-time highs in the years that followed halving events.
BTC to $15,000 or “massive move up”? Bitcoiners disagree over charts
However, this time, the picture looks different: Bitcoin (BTC) remains sideways for too long, which is alarming for bulls.
As covered by U.Today previously, such a weakness is interpreted by top trader Peter Brandt as a possible signal for a 75% crash coming.
Should this scary prediction come true, Bitcoin (BTC) might drop to $15,000, which is lower than it was after FTX collapse.
At the same time, trader and investor Charles Edwards opines that the current setup closely resembles that of 2020 right before Bitcoin (BTC) started its rally toward the 2021 high of $69,000.
Bitcoin (BTC) is changing hands at $61,100, up 1.84% in the last 24 hours.
