The price of Bitcoin began the yr on a robust momentum, which was further buoyed by the launch of spot ETFs (exchange-traded funds) in January. The premier cryptocurrency capitalized on its introduction to a modern batch of investors, forging a modern all-time high of $73,737 in mid-March.
Nonetheless, Bitcoin has since slowed down previously few months, with several investors and crypto enthusiasts wondering if the bull cycle is over. Probably the most recent commentary has come from a blockchain firm that has recommend something of a timeline for the flagship cryptocurrency’s bull run.
Bitcoin Price Down By 12% From Its Halving Price
In a modern report on the X platform, crypto intelligence firm IntoTheBlock has shared insight into the behavior of Bitcoin during a halving yr and the way in which it plays into the procession of the bull cycle. The fourth halving event, which occurred in April, saw miners’ rewards fall from 12.5 to 6.25.
Although Bitcoin halving is a theoretically bullish phenomenon, the months following the event haven’t been particularly positive for the premier cryptocurrency. Consistent with data from IntoTheBlock, BTC has declined by 12% from its halving value of $63,900.
While the market leader’s current position is somewhat higher than the pre-halving projections, it still has been a source of concern for several investors. Nonetheless, the underwhelming post-halving performance of BTC won’t be the highest, as the worth still seems faraway from its cycle peak.
Source: IntoTheBlock/X
IntoTheBlock noted in its report that, from a historical standpoint, the standard time between the Bitcoin halving and the following peak is 480 days. This might put the cycle top sometime across the summer of 2025.
The worth of Bitcoin has been in a consolidation range previously two quarters, oscillating between $55,000 and $69,000. A sustained break above the $70,000 mark could signal the resumption of the bull cycle.
When Will The Bull Cycle Resume?
CryptoQuant CEO Ki Young Ju has aired a similar commentary with regard to the present state of the Bitcoin bull cycle. Consistent with the crypto founder, BTC is solely within the midst of its bull cycle and “hasn’t hit the retail bubble yet.” For context, the retail bubble refers back to the phase where there’s a significant influx of retail investors available available in the market.
It’s value noting that the BTC demand in some markets, specifically the USA, appears to be waning in the mean time. This trend is highlighted by the falling Coinbase spot trading volume dominance, which is back to the pre-spot ETF levels. Young Ju noted that US BTC demand must bounce back if the bull cycle is to resume.
The CryptoQuant CEO added:
I expect this in Q4, but I could possibly be flawed.
As of this writing, the Bitcoin price is hovering around $54,000, with a mere 0.5% increase inside the last 24 hours. Meanwhile, the market leader is down by greater than 8.5% previously week, consistent with CoinGecko data.
The worth of Bitcoin on the day-to-day timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView