The chief govt of market intelligence agency CryptoQuant says that Bitcoin (BTC) is nearing the longest sideways consolidation interval ever throughout one in every of its halving years.
In a brand new thread on the social media platform X, Ki Younger Ju says that if the crypto king doesn’t spark a rally throughout the subsequent two weeks, it might mark the longest consolidation interval in a halving 12 months.
“285 days have handed in 2024. If there is no such thing as a Bitcoin bull market throughout the subsequent 14 days, this may mark the longest sideways in a halving 12 months in historical past.”
Bitcoin’s halving cycle happens each 4 years when its mining rewards are slashed in half. Bitcoin has traditionally rallied to recent all-time highs after a halving occasion.
Ki Younger Ju can be conserving a detailed watch on Coinbase premium, a metric that measures the distinction between the value of Bitcoin on Coinbase Professional and the worth of BTC on the crypto trade Binance.
Based on the CryptoQuant boss, whales buying and selling on Binance have stored BTC from hovering to new all-time highs.
“Since March, Bitcoin has fluctuated broadly. Coinbase premium confirmed massive variations at $53,000 and $72,000, with whales shopping for at $72,000 and promoting at $53,000. In the meantime, whales on world exchanges blocked an all-time excessive breakout and defended $53,000. A near-zero premium could act as help/resistance, [in my opinion].”
Bitcoin is buying and selling for $62,741 at time of writing, a fractional achieve over the last 24 hours.
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