Bitcoin Approaching Longest Sideways Consolidation in Halving-Year History, According to CryptoQuant CEO

The CEO of market intelligence agency CryptoQuant says Bitcoin (BTC) is approaching its longest sideways consolidation interval ever throughout any of its half-lives.

In a brand new thread on the social media platform X, Ki Younger Ju say that if the crypto king would not stage a rally throughout the subsequent two weeks, it will mark the longest consolidation interval in a half-year.

“In 2024, 285 days have handed. If there isn’t any Bitcoin bull market throughout the subsequent 14 days, this can mark the longest sideways transfer in a half 12 months in historical past.”

Bitcoin’s halving cycle happens each 4 years, when mining rewards are halved. Bitcoin has traditionally risen to new all-time highs after a halving.

Ki Younger Ju additionally retains a detailed eye on Coinbase premium, a metric that measures the distinction between the worth of Bitcoin on Coinbase Professional and the worth of BTC on the crypto change Binance.

In line with CryptoQuant’s boss, whale buying and selling on Binance has prevented BTC from rising to new all-time highs.

“Bitcoin has fluctuated sharply since March. The Coinbase bounty confirmed extensive variations at $53,000 and $72,000, with whales shopping for at $72,000 and promoting at $53,000. In the meantime, on world inventory markets, the whales blocked an all-time breakout and defended $53,000. A premium of virtually zero can act as help/resistance, [in my opinion].”

Bitcoin is buying and selling at $62,741 on the time of writing, a fractional achieve within the final 24 hours.

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