Bitcoin (BTC) Has Only 14 Days Left to Avoid ‘Longest Sideways’ Ever, Analyst Says

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As a researcher with over two decades of experience in the financial markets, I have witnessed countless bull and bear cycles, and Bitcoin (BTC) has always been a fascinating subject to observe. The latest CPI data and legal challenges have undoubtedly added another layer of complexity to BTC’s current situation, but history has taught me that we should never underestimate the resilience and potential of this revolutionary digital asset.

Persistently high Consumer Price Index (CPI) figures and recent legal hurdles continue to hinder Bitcoin (BTC) from breaking into the bull market. If it lingers in this uncertain state for another fortnight, its outcome could potentially be unprecedented, as suggested by the founder of CryptoQuant.

Bitcoin (BTC) on verge of “longest sideways” in halving year, Ki Young Ju says

According to CryptoQuant’s founder and CEO Ki Young Ju, in the next 14 days, we could see Bitcoin (BTC) approaching its longest period of sideways movement since its halving events. If history repeats itself after previous halvings, this could signal a rapid increase in Bitcoin’s price in the near future.

2024 has seen 285 days pass by so far. Should a Bitcoin bull market not occur within the next fortnight, it would represent the longest period of sideways movement during a halving year ever recorded in history.

— Ki Young Ju (@ki_young_ju) October 11, 2024

Currently, we’re 285 days into the year 2024, and historically speaking, Bitcoin (BTC) has typically been well into its exponential growth phase during every halving year.

Every so often on the oldest cryptocurrency blockchain, an event called Bitcoin halving occurs, which cuts the production of fresh Bitcoins by half. Specifically, the number of new Bitcoins generated per block went from 6.25 in 2024 to just 3,125.

Bitcoin (BTC) undergoes a halving event approximately every four years. These events have occurred in 2012, 2016, and most recently in 2020. This process is seen as a significant macroeconomic driver for Bitcoin’s (BTC) price because it makes the digital asset artificially more rare due to its programming.

Previously, after a halving event, Bitcoin (BTC) would reach record-breaking peaks in the subsequent years.

BTC to $15,000 or “massive move up”? Bitcoiners disagree over charts

Instead, consider rephrasing as follows: This time around, the Bitcoin (BTC) chart presents a different image: Bulls may find it concerning that BTC has been consolidating for an extended period.

Previously mentioned in U.Today, renowned trader Peter Brandt views this vulnerability as potentially indicating an impending 75% price drop.

If this frightening forecast materializes, the price of Bitcoin (BTC) could potentially fall to around $15,000 – a value lower than it was following the FTX collapse.

Meanwhile, financial expert Charles Edwards shares his perspective, suggesting that the current situation appears similar to that in late 2020, just prior to Bitcoin’s surge toward its record-breaking high of $69,000 in 2021.

Bitcoin (BTC) is changing hands at $61,100, up 1.84% in the last 24 hours.

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2024-10-11 15:14