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The head of blockchain analytics firm CryptoQuant Ki Young Ju says the current volatility and on-chain activity resembles the timeframe when Bitcoin was trading at $10,000.
According to Ki Young Ju, the current landscape of <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price development resembles that of the mid-2020 timeframe, during which the largest cryptocurrency by market value remained around the $10,000 mark for several consecutive months before surging beyond the $60,000 mark.
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 Same vibe on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> as mid-2020. Back then, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> hovered around $10k for 6 months with high on-chain activity, later revealed as OTC deals. Now, despite low price volatility, on-chain activity remains high, with $1B added daily to new whale wallets, likely custody. <a href="https://t.co/1TcC7BwNUb" target="_blank" rel="noopener noreferrer nofollow">https://t.co/1TcC7BwNUb</a> <a href="https://t.co/o3N1AHxSJm" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/o3N1AHxSJm</a>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1796409304108737003?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 31, 2024</a>
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In <a href="https://x.com/ki_young_ju/status/1796409304108737003" target="_blank" rel="noopener noreferrer nofollow">an X post</a> on May 31, the <a href="https://crypto.news/tag/cryptoquant/" target="_blank" rel="noopener noreferrer nofollow">CryptoQuant</a> CEO noted that despite the relatively low price volatility, on-chain activity remains robust, with approximately $1 billion in crypto being accumulated among whale wallets on a daily basis, likely for custody purposes.
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 “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
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As of press time, Bitcoin is trading at around $68,000, according to data from CoinGecko. The cryptocurrency has maintained a range between $65,000 and $70,000 for several weeks now, suggesting that if it follows a similar pattern to that seen in mid-2020, significant volatility may not occur until late 2024 or early 2025.
You might also like: <a href="https://crypto.news/cathie-wood-at-consensus-2024-bitcoin-is-unstoppable/" rel="noopener noreferrer nofollow"> Cathie Wood at Consensus 2024: Bitcoin is ‘unstoppable’ </a>
In late March, American asset manager Grayscale <a href="https://www.grayscale.com/research/reports/anatomy-of-a-bitcoin-bull-market" target="_blank" rel="noopener noreferrer nofollow">pointed out</a> several on-chain and off-chain metrics indicating that Bitcoin was in the “middle of the bull run,” drawing comparisons to the 2021-2022 bull run, during which Bitcoin’s gains were followed by a notable increase in altcoin valuations.
Bitcoin still has the potential to surprise its holders. While this is the first time Bitcoin has set a new all-time high before halving, historical data suggests that the cryptocurrency typically experiences significant returns only after 300-500 days following halving events. With the latest halving occurring on Apr. 19, Bitcoin still has at least 260 days before significant price movements may become apparent.
Read more: <a href="https://crypto.news/binance-bitcoin-has-a-scalability-issue-but-theres-hope-in-solutions/" rel="noopener noreferrer nofollow"> Binance: Bitcoin has a scalability issue, but there’s hope in solutions </a>

Bitcoin’s current landscape echoes mid-2020, CryptoQuant CEO says

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