Bitcoin (BTC) could be facing a historic moment. According to CryptoQuant CEO Ki Young Ju, the anticipated bull market for Bitcoin has yet to materialize, despite 285 days passing since the start of the year. If Bitcoin doesn’t make a significant move in the next 14 days, 2024 could mark the longest consolidation period during a halving year.
2024 Could Be the Longest Consolidation Year
The four-yearly Bitcoin halving typically triggers significant price increases due to the restricted supply and rising demand. However, 2024 seems to be deviating from this pattern. In previous halving years—2012, 2016, and 2020—Bitcoin saw notable price rallies earlier in the cycle. As of now, the market is running out of time to recover and start the expected bull run.
Despite being in the final quarter of the year, Bitcoin’s price has yet to show a meaningful upward trend. The lack of movement is particularly striking given that many expected 2024 to bring a bull market driven by the halving event. If Bitcoin’s price does not begin a rally within the next two weeks, it will be the longest consolidation period ever recorded during a halving year.
What Are Investors Expecting?
Investors and market analysts are eagerly waiting to see whether Bitcoin will follow the patterns of previous halving cycles and experience a delayed price surge. So far, the slow performance in 2024 has created mixed reactions among market participants. Some believe that a bull market is inevitable and will start soon, albeit late. Others are less optimistic, speculating that Bitcoin may not achieve the anticipated price breakout this time.
Ki Young Ju’s recent comments on social media have provided valuable insights into the current state of the market, giving investors a clearer view of what to expect from Bitcoin in the coming two weeks.
Bitcoin, bull market, halving, consolidation, CryptoQuant
