Data that compared Bitcoin’s recent price activity with the 2016 post halving timeframe indicated similarities between both as Bitcoin breakthrough rally didn’t happen until 12 months after.
Bitcoin is trading down at $9,218 still stuck within its consolidation range while a brush of correction was seen across the entire crypto market earlier.
Halving which is seen as a catalyst for massive upside movements occurred in May. However, two months gone after this event, nothing seemed to have happened as Bitcoin’s price trend is seen to flatten off. However, with the recent outturn of events, Bitcoin’s bull case is being revived.
Bitcoin is seen to be gradually building up a parabolic uptrend which caused it to set an all-time high of $20,000 in 2017. Bitcoin’s recent consolidation stint slightly pushed up the crypto to gain 40% benchmarked from July of the previous year.
Data Source: Messari
Image Credit: Messari, Shutterstock