Are We Heading for a Bullish Run or a Market Stalemate?

The newest Bitcoin Halving occasion passed off on April 19, 2024. Buyers had excessive hopes for this newest halving 12 months, because the Bitcoin market delivered a formidable +304.1% return within the earlier halving 12 months, leaving traders excited concerning the prospect of comparable earnings in 2024.

However not everybody shares the identical rosy outlook. Ki Younger Ju, a seasoned crypto analyst, has solid a shadow of doubt on the potential for one more blockbuster 12 months. In a latest publish on

Learn on for extra info.

Bitcoin’s halving historical past: a glance again

There have now been 4 Bitcoin halving occasions, together with the one in 2024. The primary passed off in 2012, with Bitcoin posting a stable 183.5% return for the 12 months. Whereas this was spectacular, it was nicely beneath the unimaginable 1,435% return of the 12 months earlier than.

With the second halving in 2016, a brand new sample emerged. Bitcoin’s value rose 123.8% that 12 months, a a lot larger achieve than the 34.4% enhance the earlier 12 months. The pattern continued within the third half 12 months of 2020, the place Bitcoin rose 304.1%, greater than triple the earlier 12 months’s 90.9% return. In 2023, Bitcoin delivered a return of 155.4%. If the pattern continues, Bitcoin ought to surpass this determine by 2024. At the moment the worth stands at $60,788, a rise of solely 37.61% in comparison with the beginning value of $44,172.80 initially of the 12 months, a determine that’s not very encouraging.

Lateral motion threatens the 2024 report

Ki Younger Ju not too long ago famous that in 2024, 285 days have handed with out main value actions. He warned that if Bitcoin doesn’t present vital momentum over the subsequent fourteen days, it could possibly be the longest sideways interval in any half-year.

As an instance this, he shared a chart titled “Bitcoin Cumulative Return Index on Halving 12 months,” which highlighted the present lack of value motion.

Bitcoin Market Evaluation: What’s the Outlook for October 2024?

The month of October began off tough for Bitcoin, with costs falling as a consequence of rising tensions between Israel and Iran. On October 1, the worth of Bitcoin fell from $63,342 to $60,817. The decline continued on October 2, reaching $60,642. Though shopping for stress briefly pushed the worth to $62,816 on October 3, sellers quickly regained management, and on October 10, Bitcoin hit a month-to-month low of $60,326.

As we speak, nevertheless, Bitcoin has proven some upside momentum, above yesterday’s opening value, indicating a attainable restoration.

October is historically a great month for Bitcoin. In 2023, the market rose 28.5% throughout the month, with costs fluctuating between $27,995 and $26,744 within the first twelve days. Then, on October 13, sturdy shopping for stress pushed Bitcoin’s value from $26,779 to $34,482, whereas the market remained within the $34,634 vary by the top of the month.

To remain in keeping with the standard half-year sample, Bitcoin will want the same rally in October. With time operating out, traders are hoping for a repeat of 2023’s success.

As we method the latter a part of 2024, Bitcoin wants to interrupt its sideways sample and publish anticipated good points in a halving 12 months. Whether or not we are going to see a repeat of earlier halving traits or a extra disappointing final result stays to be seen. Time is ticking.