Bitcoin’s current landscape echoes mid-2020, CryptoQuant CEO says

The
head
of
blockchain
analytics
firm
CryptoQuant
Ki
Young
Ju
says
the
current
volatility
and
on-chain
activity
resembles
the
timeframe
when
Bitcoin
was
trading
at
$10,000.

According
to
Ki
Young
Ju,
the
current
landscape
of

Bitcoin‘s
price
development
resembles
that
of
the
mid-2020
timeframe,
during
which
the
largest
cryptocurrency
by
market
value
remained
around
the
$10,000
mark
for
several
consecutive
months
before
surging
beyond
the
$60,000
mark.

In

an
X
post
on
May
31,
the

CryptoQuant
CEO
noted
that
despite
the
relatively
low
price
volatility,
on-chain
activity
remains
robust,
with
approximately
$1
billion
in
crypto
being
accumulated
among
whale
wallets
on
a
daily
basis,
likely
for
custody
purposes.

“Same
vibe
on
Bitcoin
as
mid-2020.
Back
then,
BTC
hovered
around
$10,000
for
six
months
with
high
on-chain
activity,
later
revealed
as
OTC
deals.”

Ki
Young
Ju

As
of
press
time,
Bitcoin
is
trading
at
around
$68,000,
according
to
data
from
CoinGecko.
The
cryptocurrency
has
maintained
a
range
between
$65,000
and
$70,000
for
several
weeks
now,
suggesting
that
if
it
follows
a
similar
pattern
to
that
seen
in
mid-2020,
significant
volatility
may
not
occur
until
late
2024
or
early
2025.

In
late
March,
American
asset
manager
Grayscale

pointed
out
several
on-chain
and
off-chain
metrics
indicating
that
Bitcoin
was
in
the
“middle
of
the
bull
run,”
drawing
comparisons
to
the
2021-2022
bull
run,
during
which
Bitcoin’s
gains
were
followed
by
a
notable
increase
in
altcoin
valuations.

Bitcoin
still
has
the
potential
to
surprise
its
holders.
While
this
is
the
first
time
Bitcoin
has
set
a
new
all-time
high
before
halving,
historical
data
suggests
that
the
cryptocurrency
typically
experiences
significant
returns
only
after
300-500
days
following
halving
events.
With
the
latest
halving
occurring
on
Apr.
19,
Bitcoin
still
has
at
least
260
days
before
significant
price
movements
may
become
apparent.