While Bitcoin investors keep an eye on the next bull run, the 2024 halving year marked a new epoch in the BTC’s price movement. Ki Young Ju, the CEO of CryptoQuant, said it had been 285 days since Bitcoin was not in the bull market range. This sideways movement, nevertheless, could further prolong if a breakout fails to happen within the next 14 days; in that case, it would be the longest sideways in any halving year.
285 days have passed in 2024. If there is no #Bitcoin bull market within the next 14 days, this will mark the longest sideways in a halving year in history. pic.twitter.com/JWHkgHC27C
— Ki Young Ju (@ki_young_ju) October 11, 2024
Bitcoin Halving Years: A Historical Overview
The graph from CryptoQuant contains the BTC cumulative return index for halving years 2020 and 2024. Typically, the Bitcoin price rises significantly in the year following each halving process, with the most dramatic upswings occurring later in the final quarter of 2020.
For example, in 2020, the price of BTC went up significantly from the period of sideway movements, and it got to an all-time high in the same year. However, as the 2024 line points in the figure, the performance of Bitcoin has been comparatively much lower than in previous halving cycles.
Longest Sideways Period in Halving Year History
This data displays the price returns for Bitcoin in 2024 (blue line) against previous halving years. This year is still below average; these returns are just slightly above the baseline, especially when compared to 2020 (purple line). In past halving years, the 4th quarter was very critical in the prices going up; however, 2024 has just witnessed this explosion, hence the current discussion of whether there will be a bull market.
The following two weeks will determine the direction of the BTC rate. If any uplifts do not follow this situation, this halving year will mark the longest sideways movement in the market and a new state for the market. Investors are on edge, watching to see if Bitcoin’s historical trend will repeat or break this cycle.
