2016 and 2020 benchmarks for Bitcoin: "It is progressing very similarly"

In its latest report, blockchain analysis company CryptoQuant compared the current era of Bitcoin to 2016 and 2020.

Will Bitcoin, which has achieved a strong bullish momentum this week, be able to bring its continuation? This is the question in the minds of investors. According to blockchain analysis company CryptoQuant, this probability is high.

Emphasizing that Bitcoin generally performed well in the fourth quarters of the halving years, the company suggested that the current situation is similar to 2016 and 2020. In the report on the subject, the following statements were included:

“It should be noted that Bitcoin is in a period of positive seasonal performance. Bitcoin performs well, especially in the fourth quarters of the halving years. In the halving years in 2012, 2016 and 2020, the price increased by 9, 59 percent and 171 percent, respectively. Bitcoin has performed very similarly in the fourth quarter of 2024 so far to 2016 and 2020.”

Comparison of the Bitcoin chart in 2016 and 2020 with 2024

The report also underlined that the demand for Bitcoin, which has been stagnant since May, has revived. "Bitcoin demand reached its highest level since the end of April, with a monthly increase of 177 thousand BTC last week," the company says. According to CryptoQuant, spot Bitcoin ETF purchases support the increase in demand.

Another data that CryptoQuant draws attention to is that large investors continue to accumulate Bitcoin. In the report, "The total balance of Bitcoin whales continued to increase year-on-year and reached 670 thousand BTC. Moreover, the growth of the assets they hold is above the 365-day moving average, which is a good sign for the prices.”