When examining the issue of BTC’s current lack of price action, it is worth pointing out that if one were to look at the currency’s value movements at this exact point following its 2016 halving cycle, it would become quite apparent that the asset was behaving pretty much in the same way as it is now. In fact, it was a year and a half after its 2016 halving, around mid-December 2017, that BTC proceeded to reach its all-time high value of around $20,000.

Additionally, the volatility and uncertainty surrounding traditional financial markets have failed to translate into a direct increase in demand for Bitcoin because the coronavirus-induced panic has seemingly highlighted the need for alternative monetary systems rather than push Bitcoin to the center of the global finance stage. For example, when the coronavirus began to grip the world at the start of the year, BTC fell from almost $8,000 to around $3,600 on some exchanges, all in a span of less than three days between March 11 and 13, placing its safe-haven status under question.

Similarly, when stock markets all over the world were fluctuating wildly all throughout May, BTC also followed suit by mirroring the value drops being showcased by many traditional assets and commodities across the board, thereby worsening its perceived stability in front of investors all over the globe. On top of all this, the currency’s poor usability also seems to have limited its potential for widespread adoption at the time when it counted.