Last 14 days for Bitcoin's longest wait in history
With 285 days left in 2024 so far, Bitcoin is on track to make its longest sideways movement in a halving year.
If Bitcoin continues to move sideways in the next two weeks, it will face a situation never seen before.
Ki Young Ju, CEO of blockchain analysis company CryptoQuant, stated that 285 days have passed this year and said, "If the bull market does not start in the next 14 days, Bitcoin will make its longest sideways movement in a halving year in history."
The number one cryptocurrency by market value experienced its fourth halving on April 19, 2024. Historically, halving years stand out as years when Bitcoin shows a strong performance and the bull market begins. There were price increases of 160 percent in 2012, 121 percent in 2016, and 289 percent in 2020. Bitcoin's price increase since the beginning of 2024 has remained at 49 percent.
The longest Bitcoin has waited for an increase in halving years was in 2020. The cryptocurrency remained flat for 298 days that year. At the same time, 2020 was the year in which Bitcoin showed the best performance in terms of return among halving years.
On the other hand, 2024 was different from other years. Bitcoin broke a price record before the halving for the first time in its 15-year history.
Is Bitcoin waiting for the election to rise?
Bitcoin may be waiting for the US presidential election to rise. According to asset management giant Bernstein, the price movement will continue to remain within a certain range until the election on November 5. It is thought that Donald Trump's victory will have more positive results for cryptocurrencies. Analysts at British bank Standard Chartered had written that they expected sharp increases in Bitcoin if the election results in Trump's victory.
