Rekt Capital compared Bitcoin's post-halving period in 2020 and 2024 and found a high degree of similarity. After both halving events, Bitcoin entered a phase of re-accumulation that lasted about 161 days. In 2020, the period ended in a parabolic rally as Bitcoin broke through its repeatedly tested resistance level.
The support and resistance levels in both periods show continued testing and re-testing, setting the stage for possible upward momentum. While historical patterns suggest significant movement is possible, differences in market conditions, such as trading volumes, highlight the likelihood of divergent outcomes.
The notable difference between the two periods is the volume (data used in the chart is from Bitstamp). In 2020, Bitstamp had 1.183 million Bitcoin volume in the 161 days following the halving event, compared to 313,081 in 2024. This difference indicates a change in market engagement, which could affect the nature of any potential breakouts.
Since the halving this year, the volume of all exchanges has been 2.50 million, while in the 161 days following the halving in 2020, the volume was 4 million. (CryptoSlate)
Analysis: Bitcoin's halving trend this year is similar to that of 2020, setting the stage for a potential rally
2024-09-23 13:15:49
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