Analysis: Bitcoin's post-halving trend this year is similar to that of 2020, laying the foundation for potential gains

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ODAILY
09-23
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Odaily Odaily Rekt Capital compared the periods after Bitcoin's 2020 and 2024 halvings and found that there are high similarities between the two. After both halving events, Bitcoin entered a re-accumulation phase that lasted about 161 days. In 2020, this period ended with a parabolic rebound as Bitcoin broke through its repeatedly tested resistance level. Support and resistance levels in both periods showed continuous testing and retesting, laying the foundation for possible upward momentum. While historical patterns suggest that major moves may occur, differences in market conditions (such as trading volume) highlight that the results may not be the same. The significant difference between the two periods is the trading volume (the data used in the chart is from Bitstamp). In 2020, Bitstamp's Bitcoin trading volume in the 161 days after the halving event was 1.183 million, while in 2024 it was 313,081. This difference indicates a change in market participation, which may affect the nature of any potential breakthrough. Since this year’s halving, volume across all exchanges has been 2.5 million, while in the 161 days following the 2020 halving, volume was 4 million. (CryptoSlate)

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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