Bitcoin traders experienced extreme volatility over the past year. Following the market downturn last summer, the cryptocurrency market surged from October onwards. The approval of instant Bitcoin ETFs in January, a first for the asset, propelled Bitcoin to an all-time high just before the halving. However, the subsequent correction significantly impacted market participants, with Bitcoin dropping over 25% and some altcoins falling by 40-50%.
Historical data suggests that Bitcoin is currently at a favorable price point and the accumulation period may soon end. Previous cycles have shown similar patterns in the 6-10 weeks following the halving with market rallies commencing 80 days followingward.
Now may be the time to buy Bitcoin
In January 2024, the market surged, driving Bitcoin’s price from $42,000 to $73,500 within three months, aside from a minor correction. However, more than four months following this peak, Bitcoin has settled at $58,000, following the geopolitical crisis between Israel and Iran, Germany’s anti-Bitcoin stance, and miner capitulation, which have shaken the market.
However, QuintenFrancois, with over 100,000 followers, stated on his official X platform that, based on historical data and cycle comparisons, Bitcoin is currently at an appropriate price point and it’s time for people to buy Bitcoin.
80 days following the halving
Quinten’s analysis clearly indicates that Bitcoin has undergone a similar correction 80 days following each halving. In the current cycle, following the halving on April 20, this critical period has recently passed.
Evolution of Bitcoin following the halving, source: BTCDirect
The analyst’s prediction suggests that the accumulation phase has ended and long-term holders have established their positions during this 80-day period, crucial for maximizing profits in the next bull market. Quinten links this 80-day period to miner capitulation, as previously, 6-10 weeks were always required for miner capitulation to conclude – coinciding with this timeframe.
This marks the worst capitulation period for miners since the 2012 halving, with its tenth week ending last week. Based on historical data, this critical event might be completed within the next 1-2 weeks.
The worst trading year ever
Despite Bitcoin’s price almost doubling over the past 12 months, traders across various social media platforms have described the last year as the worst for trading. Both X and Telegram are flooded with posts and comments indicating that active traders have overreacted to every dip, greatly amplifying crisis sentiment. Fear, Uncertainty, and Doubt (FUD) have never been more prevalent.
However, if Quinten’s prediction holds true, the price of Bitcoin and the entire crypto market might soon reach new heights.
Bitcoin Halving Data Suggests Accumulation Period Is Over, Bull Market On The Horizon?
Bitcoin traders have experienced a rollercoaster year over the past 12 months. Following the market downturn last summer, the cryptocurrency market exploded from October, reaching an all-time high right before the halving thanks to the approval of instant Bitcoin ETFs in January. This was a historic event, marking the first time such a feat was achieved. However, the subsequent correction deeply affected market participants, with Bitcoin falling more than 25% and some altcoins plummeting by 40-50%.
Despite the recent volatility, historical data reveals that Bitcoin’s current price aligns with historical trends, indicating a potential end to the accumulation phase. Previous cycles demonstrated similar patterns in the 6-10 weeks following the halving, with the market consistently initiating an upward trajectory 80 days following the event.
Now May Be the Time to Buy Bitcoin
In January 2024, the market surged, witnessing Bitcoin’s price climb from $42,000 to $73,500 within just three months, barring a minor correction. Following the peak in early April, Bitcoin currently sits at $58,000 following a series of events, including the geopolitical crisis between Israel and Iran, Germany’s anti-Bitcoin strategy, and miner capitulation, that have shaken the market.
However, QuintenFrancois, with over 100,000 followers on X, asserts that historical data analysis reveals Bitcoin’s position is where it’s supposed to be, implying that now might be the ideal time for investors to buy Bitcoin.
80 Days After the Halving
Quinten’s analysis clearly demonstrates that Bitcoin undergoes a similar correction every 80 days following the halving. In the current cycle, this critical period has passed in recent days, following the halving on April 20.
Evolution of Bitcoin following the halving, source: BTCDirect
The analyst posits that the accumulation phase has theoretically concluded. Long-term holders, essential for maximizing profits in the next bull run, have strategically established their positions during these 80 days. Quinten attributes this 80-day period to miner capitulation. Historically, miner capitulation has always taken 6-10 weeks, coinciding with this timeframe. This period, however, represents the worst capitulation for miners since the 2012 halving, with its tenth week ending last week. Historical data suggests that only 1-2 weeks might remain until this critical event is truly complete.
The Worst Trading Year Ever
Despite Bitcoin’s price nearly doubling in the last 12 months, numerous traders across social media platforms have labeled the past year as the worst for trading. Platforms like X and Telegram are flooded with posts and comments highlighting active traders’ overreaction to every dip and exaggeration of crises. There’s never been more Fear, Uncertainty and Doubt (FUD) than now.
However, if Quinten’s predictions prove accurate, Bitcoin’s price and the cryptocurrency market as a whole might soon reach new all-time highs.
