Bitcoin (BTC) is on track to experience its longest sideways trade in the semi-annual period unless it shows a significant rally within the next 14 days.
According to a dashboard shared by CryptoQuant CEO Ki Young Ju, the longest period it took for BTC to rise was 298 days.
Bitcoin achieved the highest return index in 2020 during the halving, reaching 4.05 points, while 2016 had the worst halving in terms of returns, with the index reaching only 2.26 points.
Despite being the second-best year, 2012 had the best start after 298 days, achieving 2.06 points on the return index.
Longest re-accumulation range in history
This year also marked a major milestone for Bitcoin, which reached its pre-halving high for the first time in its 15-year history.
Based on historical data, Bitcoin has reached new highs approximately 240 days after the last four halving cycles. However, this year, this trend broke when BTC price peaked at $73,737.94 on March 14th, effectively accelerating the post-halving bull market by 260 days.
However, multiple corrections recorded since the halving have reduced the acceleration rate to 60 days, according to an analyst and trader known as RektCapital.
The analyst further suggested that Bitcoin is exhibiting moves that indicate the market is looking to shorten this period of acceleration.
Additionally, the historic “reaccumulation period” (the period during which prices level off before going parabolic) that follows each Bitcoin halving is already the longest since 2016.
In 2016, it took 161 days for Bitcoin to start hitting all-time highs after the halving, while in 2020 it took 164 days. As of October 11th, Bitcoin has been trading sideways for 176 days.
Recto Capital predicted that the sideways period could continue for another two months, as Bitcoin is already past the point of breaking out of the re-accumulation range between the $71,000 and $60,000 price range. This gives enough time to reduce the acceleration rate to zero.
The re-accumulation range would then be 236 days, the longest half-year period.
