Bitcoin Approaching Record Long Consolidation in Halving Year, CryptoQuant CEO Says

Bitcoin may soon reach a historic milestone in its halving cycle, according to Ki Young Ju, CEO of market intelligence firm CryptoQuant. He predicts that if Bitcoin doesn’t trigger a bull run within the next two weeks, it will experience its longest sideways consolidation during a halving year.

In a recent post on social media platform X, Ki Young Ju highlighted the significance of this period, saying, “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.”

Halving Cycles and Market Impact

Bitcoin’s halving events, which occur approximately every four years, reduce mining rewards by half. Historically, these events have been followed by price surges to all-time highs. Despite the anticipation, Bitcoin’s price remains stagnant as 2024 progresses, with no significant rally yet observed.

This extended period of consolidation raises concerns for investors, who typically expect Bitcoin’s price to rise in response to the supply cut created by halving. Ki’s observation points to this being a unique situation, as Bitcoin usually experiences a bull market soon after halving.

Another key factor contributing to Bitcoin’s price behavior is the Coinbase premium, a metric tracking the price difference between Bitcoin on Coinbase Pro and Binance. Ki Young Ju notes that whales on Binance have been instrumental in preventing Bitcoin from reaching new all-time highs.

“Bitcoin has seen significant fluctuations since March,” says Ki. He continued by saying that the price range was limited since whales have been buying at $53,000 and selling at $72,000. Any possible breakout above $53,000 has been firmly stymied by these powerful traders. At $63,948, it is now trading, and this market dynamic may be crucial in determining the near-term path of Bitcoin.

Investors are keeping a careful eye on Bitcoin as it approaches a critical turning point to determine if the market will break out of its consolidation pattern or if it will establish a new record for the longest sideways movement during a halving year.