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.
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.
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Furthermore, the crypto analyst equated the observed sideways chop with an accumulation of Bitcoin, adding that “2025 will be sick with all that liquidity from Blackrock [NYSE: BLK], Fidelity, [JPMorgan Chase (NYSE: JPM)], Goldman Sachs [NYSE: GS]… etc.”
Indeed, the analyst specified that “EU [banks] will be able to put 2% of their total capital into Bitcoin,” referring to the landmark decision by the Economic Affairs Committee of the European Parliament that would officially bring Bitcoin into the mainstream financial system.
Bitcoin price analysis
Meanwhile, Bitcoin was at press time trading at the price of $26,127, recording an increase of 1.77% on the day, as well as a 1.52% gain across the previous week, while still demonstrating a loss of 11.1% on its monthly chart, as per the most recent data retrieved on September 12.
It is also worth noting that a rally might be “around the corner,” at least in the view of crypto analyst CredibleCrypto, who believes that BTC dominance breaking its local downtrend while maintaining its higher timeframe uptrend is a bullish sign, as Finbold reported.
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