Ki Young Ju, CEO of blockchain analytics firm CryptoQuant, has observed that the current Bitcoin market shows similarities to mid-2020, a period when Bitcoin’s price was steady around $10,000 for several months before skyrocketing past $60,000.
In a May 31 post on X, Ki Young Ju highlighted the parallel, noting that despite Bitcoin’s current price stability, on-chain activity remains high. He pointed out that approximately $1 billion in crypto is being accumulated daily in whale wallets, likely for custody purposes.
“Same vibe on Bitcoin as mid-2020. Back then, BTC hovered around $10,000 for six months with high on-chain activity, later revealed as OTC deals.” – Ki Young Ju
As of now, Bitcoin is trading around $68,000, according to CoinGecko. For the past few weeks, Bitcoin has stayed within a $65,000 to $70,000 range. If this trend mirrors mid-2020, significant volatility may not be seen until late 2024 or early 2025.
In late March, Grayscale, an American asset manager, highlighted various on-chain and off-chain metrics suggesting that Bitcoin is in the “middle of the bull run.” This observation draws comparisons to the 2021-2022 bull run when Bitcoin’s gains led to a notable rise in altcoin valuations.
Despite reaching a new all-time high before its next halving, Bitcoin’s historical patterns indicate significant returns typically occur 300-500 days post-halving. With the latest halving on April 19, substantial price movements might still be at least 260 days away.
These insights suggest that while the market is currently stable, Bitcoin has the potential to surprise its holders, potentially leading to substantial gains in the future.
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