๐จ๐จ๐จ Bitcoin on Track for Its Longest Flat Market in Halving Year History! ๐จ๐จ๐จ
๐ Bitcoin (BTC) could be facing its longest sideways trading period during a halving year if significant upward movement doesn't happen within the next 14 days! Here's what you need to know about this critical moment for BTC:
๐ Key Insights:
๐ Historically, the longest period BTC has taken to rise during a halving year was 298 days, according to CryptoQuant CEO Ki Young Ju.
๐ 2020 saw BTC achieve its highest return index of 4.05 points, making it the best performing halving year to date.
๐ 2016 marked the lowest return during a halving year with a return index of only 2.26 points.
๐ Breaking New Ground:
๐ฏ For the first time in Bitcoin's 15-year history, it reached a new all-time high before the halving!
๐ Historically, BTC hit new highs around 240 days post-halving. This year, BTC accelerated that trend, peaking at $73,737.94 on March 14, a full 260 days earlier than expected!
โก Longest Re-accumulation Range Ever:
๐ก The current re-accumulation phase โ when BTC trades sideways before a major upward trend โ is already the longest since 2016.
๐ In 2016, it took BTC 161 days to start its climb to all-time highs; in 2020, it took 164 days. Now, in 2024, BTC has been trading sideways for an unprecedented 176 days.
๐ BTC's Next Move?
๐ญ According to analyst RektCapital, if BTC remains in this sideways range between $71,000 and $60,000, this period could stretch another two months, potentially extending the re-accumulation phase to a record 236 days.
๐ The market seems to be trying to reduce the acceleration period and prepare for the next major breakout.
๐ฅ Is a Massive BTC Breakout Coming Soon?
๐ Bitcoin has historically surged after these re-accumulation phases. Could we be on the verge of another epic bull run?
โณ Now's the time to keep a close eye on the market as BTC sets the stage for its next big move!
๐ข Stay tuned for more updates! Like and follow us.
