As a seasoned crypto investor with several years of experience under my belt, I find Ki Young Ju’s analysis intriguing. The similarities he draws between the current Bitcoin landscape and the mid-2020 period resonate with me, as I too remember the extended period of hovering around the $10,000 mark and the high on-chain activity during that time.
As a researcher studying the blockchain market, I’ve noticed some striking similarities between the present situation and the period when Bitcoin was priced around $10,000. The current volatility and on-chain activity, as observed by the head of CryptoQuant Ki Young Ju, bear a strong resemblance to that timeframe.
I’ve been closely monitoring Bitcoin’s price movements lately, and it seems to me that the current market situation bears a striking resemblance to the middle of 2020. Back then, Bitcoin hovered around the $10,000 price point for an extended period before making a monumental leap above $60,000.
The feeling around Bitcoin is reminiscent of mid-2020. During that period, Bitcoin’s price stayed mostly between $9,000 and $11,000 for about six months. However, it was later disclosed that there were significant over-the-counter (OTC) deals taking place at the time, which accounted for the high on-chain activity.
— Ki Young Ju (@ki_young_ju) May 31, 2024
On May 31, the CEO of CryptoQuant made a post indicating that even though the cryptocurrency market was experiencing low price fluctuations, there was still significant activity taking place on the blockchain. Approximately one billion dollars worth of crypto was being stored daily in large wallets, believed to be for safekeeping purposes.
The feeling around Bitcoin is reminiscent of the middle of last year. During that time, Bitcoin remained between the $10,000 mark and held steady for half a year. Subsequently, it was disclosed that a significant portion of the on-chain activity during this period consisted of Over-The-Counter (OTC) transactions.
Ki Young Ju
At the moment of this report’s publication, Bitcoin is approximately priced at $68,000 based on information from CoinGecko. The digital currency has kept fluctuating between $65,000 and $70,000 for quite some time, implying that, following the trend of mid-2020, substantial price swings might not manifest until late in 2024 or early 2025.
Around late March, Grayscale, an American investment firm, highlighted various on-chain and off-chart indicators suggesting that Bitcoin was in the heart of its bull market. These signs brought up memories of the 2021-2022 bull run, where Bitcoin’s price growth was followed by a significant surge in altcoin values.
Bitcoin’s value continues to reach new record highs for the first time prior to a halving event. However, historical trends indicate that substantial gains for Bitcoin usually occur approximately 300-500 days after such events. Given that the most recent halving took place on April 19th, we have at least another 260 days before noticeable price increases might emerge.
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2024-05-31 13:50