While bitcoin is currently in a consolidation period, an analysis of past cycles suggests that gains can be expected after 2024’s halving event, one data firm said.
but expect prices to pick up once the anticipated halving event is complete in 2024, with expectations of a consolidation period until then.
Major tokens such as XRP and dogecoin led declines, with drops of 4% in the past 24 hours. Ether fell 0.9%, outperforming the general market, as the CoinDesk Market Index , a broad-based tracker of hundreds of tokens, slumped 1.1%. However, there’s still hope for bulls. On-chain data platform CryptoQuant published in a weekly note that bitcoin's recent price performance closely resembled past cycles, suggesting that the asset was “likely to remain in a consolidation phase until the 2024 halving event” but hinted at a “significant price increase after the halving.”
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