Bitcoin (BTC) continues to search for direction: Who will win the war?

Bitcoin ($BTC ) is approaching its longest sideways market range record, having spent 285 days since its April halving.

Factors such as US election uncertainty, rising US Treasury yields, and the extension of Mt. Gox’s repayment date to October 2025 are contributing to Bitcoin’s weak price action. Historically, October is a bullish month for Bitcoin, especially in the second half of the year. However, BTC has yet to make a clear upward move.

Bitcoin is two weeks away from recording its longest sideways market range since its April halving. The development suggests that bulls are preparing for a bigger rally in the final quarter of this year. “It has been 285 days since the Bitcoin halving. If the bull market does not start in 14 days, this will be the longest sideways rally in history after the halving,” CryptoQuant founder Ki Young-Ju wrote in an X post on Friday.

Halvings occur approximately every four years and reduce the block rewards given to miners. Bitcoin halvings have always been associated with bull rallies, with asset prices rising several hundred percent in the months following previous events.

BTC peaked above $73,000 before the April 14 halving. However, prices have largely fluctuated between $59,000 and $65,000 since then, approaching a 300-day sideways movement record since 2016. Bitcoin’s dull price action is thought to have several reasons, including U.S. election uncertainty and a renewed rise in U.S. Treasury yields as small investors continue to save.

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