The head of blockchain analytics company, CryptoQuant, Ki Young Ju, has drawn similarities between the existing market volatility and on-chain behavior to a previous period when Bitcoin was priced at $10,000.
Reported by Ki Young Ju, the current state of Bitcoin's price evolution reflects the settings of mid-2020, where the primary cryptocurrency sustained a position around $10,000 for a considerable period before exceeding the $60,000 threshold.
In a recent update posted on May 31, the CEO of CryptoQuant highlighted that despite the subdued price swings, the on-chain activities are vigorous. Every day, approximately $1 billion worth of digital assets are being pooled among large wallets, indicating a probable inclination towards custody services.
At present, Bitcoin is exchanging hands at nearly $68,000 according to data from CoinGecko. The cryptocurrency has been relatively steady within the range of $65,000 to $70,000 for a prolonged duration, implying that significant price fluctuations, similar to those of mid-2020, might only arise towards the latter part of 2024 or early 2025.
Grayscale, a well-known asset management firm, in late March, pointed out several metrics, both on-chain and off-chain, signifying that Bitcoin could be in the midst of a bull market. The comparison was made to the bull run observed in 2021-2022, which not only brought gains to Bitcoin but also triggered notable surges in altcoin valuations.
While Bitcoin recently set a new all-time high pre-halving for the first time, historical data suggests that significant price movements are typically seen 300-500 days post-halving events. Following the recent halving on Apr. 19, Bitcoin is expected to exhibit substantial price shifts in the coming 260 days.
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