The CEO of market intelligence firm CryptoQuant says Bitcoin (BTC) is approaching its longest sideways consolidation period ever during any of its half-lives.
In a new thread on the social media platform X, Ki Young Ju say that if the crypto king doesn’t stage a rally within the next two weeks, it would mark the longest consolidation period in a half-year.
“In 2024, 285 days have passed. If there is no Bitcoin bull market within the next 14 days, this will mark the longest sideways move in a half year in history.”
Bitcoin’s halving cycle occurs every four years, when mining rewards are halved. Bitcoin has historically risen to new all-time highs after a halving.
Ki Young Ju also keeps a close eye on Coinbase premium, a metric that measures the difference between the price of Bitcoin on Coinbase Pro and the value of BTC on the crypto exchange Binance.
According to CryptoQuant’s boss, whale trading on Binance has prevented BTC from rising to new all-time highs.
“Bitcoin has fluctuated sharply since March. The Coinbase bounty showed wide differences at $53,000 and $72,000, with whales buying at $72,000 and selling at $53,000. Meanwhile, on global stock markets, the whales blocked an all-time breakout and defended $53,000. A premium of almost zero can act as support/resistance, [in my opinion].”
Bitcoin is trading at $62,741 at the time of writing, a fractional gain in the last 24 hours.
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Generated image: Midjourney
