Bitcoin Historical Patterns Suggest Prolonged Bull Run

Bitcoin has been subject to intense scrutiny and analysis as its price continues to exhibit notable trends following each halving event with Ali, a renowned analyst, suggesting Bitcoin is still far away from the market top.

Following the 2012 halving event,

reached its peak in 367 days. Similarly, after the 2016 halving, its value soared to a market top within 526 days. The most recent halving in 2020 saw Bitcoin taking 547 days to hit its peak. According to Ali, while there may be minor fluctuations along the way, historical data suggests that we are still a considerable distance away from witnessing a market top for Bitcoin.

Following the 2012 #Bitcoin halving, $BTC peaked in 367 days. Post-2016 halving, it soared to a market top in 526 days, and after 2020's halving, it took 547 days to top.

Though there may be slight dips along the way, historical patterns suggest we are far away from a #BTC… pic.twitter.com/EzLQIMcZZp
— Ali (@ali_charts) March 13, 2024

Bitcoin’s Distribution Status

Contrary to speculations, Bitcoin distribution has yet to commence. Long-term holders are showing minimal activity, indicating a steady hold on their investments. The Net Unrealized Profit for Bitcoin is on the brink of crossing the yellow line, suggesting that the majority of the supply is currently in a profitable position, hinting at sustained bullish sentiment for potentially several months.

$BTC Distribution Hasn't Started Yet, we Are Far From it

“#BTC % supply in profit over 99%. It can last that way for months in bullmarkets with pullbacks in the middle. We are just getting started.” – By @elcryptotavo

Link 👇https://t.co/Ima8o6QfeP pic.twitter.com/8C578oVnT9
— CryptoQuant.com (@cryptoquant_com) March 13, 2024

Bitcoin’s open interest is currently overextended, which could lead to a few liquidations, both for shorts and longs, in the near term. An astonishing 99% of Bitcoin’s supply is currently in profit. This situation could persist for several months, particularly in bullish market conditions, with occasional pullbacks.

It appears that Bitcoin’s current trajectory aligns with previous halving cycles, indicating a prolonged bullish phase with substantial potential for further growth.

Tags: BTC