CryptoQuant CEO Ki Young Ju, Bitcoin 
$62,792He stated that ‘s is approaching its longest horizontal consolidation process towards the halving period. As it is known, Bitcoin halving occurs approximately every four years and mining rewards are halved during this period. Historically, after halving, significant increases in the price of Bitcoin have been observed.
Bitcoin’s Consolidation Process
In his statements on the X platform, Ju stated that if Bitcoin does not show an increase in the next two weeks, it will enter the longest horizontal consolidation period. While the 285th day of 2024 has passed, the expectation of a bull run still prevails in the market.
Ju also emphasized that he is carefully monitoring Coinbase premium metrics. This metric measures the difference between the price of Bitcoin on Coinbase Pro and the price on Binance. According to Ju, large investors trading on Binance, namely whales, are preventing Bitcoin from reaching new highs.
There have been fluctuations in the Bitcoin price since March 2024. Coinbase premium showed significant differences at the $53,000 and $72,000 levels. Whales are buying at $72,000 and selling at $53,000.
Current Situation and Expectations
At the time of writing, Bitcoin is trading at $62,741 and has recorded a slight increase in the last 24 hours. Ju particularly draws attention to the activity of whales in the market and states that the $ 53,000 level may be an important support/resistance point.
Bitcoin’s halving cycle, which occurs every four years, cuts mining rewards in half. Although this event is generally associated with large jumps in Bitcoin prices, it is observed that price movements remain limited due to the influence of whales during this period.
Such developments in crypto markets can carry important clues for investors. Bitcoin’s performance during the halving period can directly affect the overall trends of the market. Therefore, it is important for investors to make careful analysis.
Bitcoin’s current price movements and market dynamics present both opportunities and risks for investors. The movements of whales and the horizontal course of the market are among the important factors that should be closely monitored in the short term.
Bitcoin investors should shape their strategies by taking into account market trends and halving effects. Correct analyzes made during this period can be decisive for long-term investment decisions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
