Bitcoin, the king of crypto, is currently in a bit of a snooze fest. According to Ki Young Ju, CEO of market intelligence firm CryptoQuant, Bitcoin might be nearing the longest period of sideways trading ever during a halving year.
What’s a Halving Year?
Every four years, Bitcoin’s mining rewards are cut in half. This is called a halving event. Historically, Bitcoin has surged to new highs after a halving event.
A Long Wait for a Breakout?
If Bitcoin doesn’t start rallying in the next two weeks, it will have been stuck in this sideways trading range for longer than any other halving year in history.
Whales Holding Bitcoin Back?
Ki Young Ju is also keeping an eye on something called the “Coinbase premium.” This metric measures the difference between Bitcoin’s price on Coinbase Pro and Binance. He believes that big investors, known as whales, have been trading on Binance and keeping Bitcoin from reaching new highs.
What’s Next for Bitcoin?
Bitcoin is currently trading around $62,741. It’s unclear if this sideways movement will continue or if a breakout is coming soon. Only time will tell if the whales will finally let Bitcoin soar.
