Bitcoin Reaches Key Milestone 161 Days After Halving

Bitcoin has reached a significant milestone, 161 days after the April halving, reflecting a crucial moment in 2020 when digital assets broke through the accumulation curve once again. This consistency was emphasized by Capital Rekt, indicating that the price of Bitcoin started to move significantly in 2020 after halving 161 days ago.

A chart by Rekt Capital compares the 2020 and 2024 post-halving periods, revealing striking similarities through a resistance level it had repeatedly experienced.

The chart shows that the support and resistance levels in both periods are tested and retested regularly, setting the stage for potential upward momentum. The circular pattern seen in the chart is a sign of accumulation and can further support the breakout theory.

Historical patterns suggest the potential for big moves, but differences in market conditions, such as trading volume, may affect the outcome.

A notable difference between the two periods is the trading volume on the chart using Bitstamp. In 2020, Bitstamp’s volume in the 161 days after the halving was 1.183 million, while in 2024 it was 313,081. This difference indicates changes in market participation, which may affect the nature of the potential breakout.

Across markets, a CryptoSlate chart shows a trading volume of 2.5 million since this year’s halving, while 4 million were traded in the 161 days after the halving in 2020. This confirms the drop in volume since the halving, although the decline in volume was not as severe in relative terms.

Source: CryptoSlate