CEO to Bitcoin Holders: Wait Until Q4 2024 for BTC Prices to Recover
Ki Young Ju, CEO and founder of CryptoQuant, notes that prices tend to consolidate whenever the network is in the midst of events. This sideways movement tends to last for most of the year before prices spike in the final quarter when whales step in.
In the last bull cycle, when Bitcoin halved network rewards in 2020, prices moved sideways with prices only rising a bit in the final quarter of the year.
Comparing the current state of price action to what happened then, Bitcoin is very likely to recover. Ju said this bullish outlook is because “whales will not let Q4 be boring with flat year-over-year performance.”
Analysts consider the Bitcoin Halving to be a bullish event, at least considering how prices have been trending. Every time the network halves miner rewards, the currency becomes deflationary.
The expected supply crunch following the April 20 Halving is the reason why most analysts still believe the currency will surpass its all-time highs. This confidence is due to the approval of Bitcoin spot ETFs in January. Since then, major issuers including Fidelity and BlackRock have purchased billions of dollars worth of BTC.
In addition to institutional demand for $BTC, miners have slowed their liquidation. The hash rate fell after weak miners dumped billions of coins in June. However, the hash rate has improved in recent weeks, indicating renewed confidence from miners who bought new equipment to remain competitive despite lower rewards.
