Bloomberg ETF expert James Seyffart remarked via X: "Bitcoin right now around $50k-$70k over the last 6 months kinda sorta reminds of BTC trading around $7k – $10k from mid 2019 through early to mid 2020.” Related Reading: Expert Explains Why Bitcoin Price Could Explode To $1 Million This Cycle He acknowledges the complexities of comparing historical and current charts, emphasizing that while historical patterns should not dictate future outcomes, the comparative dynamics offer insightful parallels.
Related Reading: Top Economist Predicts Bitcoin Price Top Before Worst Recession Since 1929 His “Supply Overheads During 2024 Chop-consolidation” chart showed that the 6-month sum of spent coins older than 1 year was quite similar to historical movements.In 2019, 1.75 million BTC was moved by this cohort; comparably, in 2024, as of today, 1.9 million BTC has been mobilized.
"The similarities between the 2024 chop-consolidation, and the one we experienced back in 2019 are strange, and uncanny.” In 2019, the market notably surged from $4,000 to $14,000 within three months, significantly driven by the PlusToken Ponzi scheme in China, which absorbed approximately 2% of Bitcoin’s total circulating supply at the time.
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