As Bitcoin (BTC) returns to its sideways trading pattern after a short drop into the low $25,000s zone, one cryptocurrency market analyst has shared what he believes to be an unpopular opinion – that the current trend is nothing more than a calm before the storm in 2024.
Specifically, cryptocurrency expert seth_fin shared his analysis of the flagship decentralized finance (DeFi) asset’s previous movements, arguing that “the longer we go sideways, the bigger the pump after the halving,” as he said in his X post on September 12.
Bitcoin long-term holder realized price and Market Value to Realized Value (MVRV). Source: seth_fin
Notably, Bitcoin has witnessed massive bullish rallies following each of its halving events, which occur roughly every four years, when the algorithm cuts into half the reward for mining this Proof-of-Work (PoW) crypto asset, thus maintaining its scarcity and counteracting inflation.
Furthermore, the crypto analyst equated the observed sideways chop with an
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