In a recent observation, Ki Young Ju, the founder and CEO of CryptoQuant, has highlighted a noteworthy similarity between the current Bitcoin market trends and those witnessed during the mid-2020 period.

Ki's analysis on May 31 showcased a significant upsurge in on-chain activities and a substantial spike in Bitcoin accumulation, reminiscent of the accumulation phase that propelled Bitcoin to $64,000 by April 2021.

The resemblance drawn by Ki between the present Bitcoin market dynamics and the mid-2020 scenario, when Bitcoin stayed around $10,000 for six months, is evident. Despite the scarce price fluctuations, the on-chain activities remained active, with a daily addition of $1 billion to fresh whale wallets, indicating potential custodial movements.

Cointelegraph's attempts to reach out to Ki for comments were fruitless ahead of the publication deadline.

Even with Bitcoin's stable pricing, Ki's chart 'BTC: Realized Cap for New Whales' illustrates substantial capital inflow into Bitcoin, implying potential accumulation by major investors and a growing market interest. Reaction from the community varied, with some anticipating a forthcoming surge in Bitcoin's value while others voiced skepticism about the unchanged price despite accumulation and ETF investments.

In 2020, Bitcoin went through a consolidation phase, maintaining a value close to $10,000 for a prolonged period. The upsurge in on-chain activities during that time was later linked to over-the-counter trades, as explained by Ki. This accumulation phase, combined with heightened activities, eventually drove Bitcoin's value to approximately $29,000 by the close of the year.

A comparison between Ki's charts for 2024 and 2020 reveals a profound similarity, indicating a substantial connection between the ongoing market trends and the anticipation of a bullish market phase, heightening market expectations.

According to cryptocurrency analysts, Bitcoin is currently grappling with the final obstacle at $69,000 before marking new all-time highs registered during the 2021 bull cycle. Despite community conjectures spurred by the daily $1 billion BTC accumulation, CryptoCon, an anonymous crypto analyst, recently characterized the prevailing low volatility surrounding the prior all-time highs as 'healthy price action.'