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Longest sideways trend after halving in Bitcoin history

Since the Bitcoin halving on April 20, BTC price has hardly moved.

By Finst News
• 2 min read
Longest sideways trend after halving in Bitcoin history

Since the Bitcoin halving on April 20, BTC price has hardly moved. The fourth halving lowered the block subsidy, and at that moment the Bitcoin price stood at 63,850 USD.

285 days later the price had declined by four percent to 61,300 USD, meaning Bitcoin is in a sideways trend.

According to CryptoQuant founder Ki Young-Ju, if there is no bull market within 14 days, this would be the longest sideways move after a halving in Bitcoin history. The previous record-long sideways trend lasted 300 days and occurred after the second halving in 2016.

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Sideways movements happen when supply and demand are in balance and there are no strong market impulses for price gains or losses. Whether Bitcoin will break out of this trend by the end of October remains to be seen. Historically, Bitcoin has often delivered some of the year's strongest gains in October. The fourth quarter is also traditionally a strong period for Bitcoin, with a possibility of reaching the $100,000 mark by year-end if the historical quarterly patterns hold.

Additionally, the American presidential election in November could also impact the crypto market, potentially driving gains or a correction. Current odds are 55% to 43% in favor of Donald Trump.

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