Crypto News– According to a recent analysis, Bitcoin’s ticker symbol BTC has experienced a decline, currently sitting at $27,683. However, market observers suggest that its ongoing sideways price movement could potentially turn bullish as early as November. This optimistic outlook is based on historical patterns observed in previous cycles leading up to a Bitcoin halving event.
Bitcoin Price Analysts Turn Their Gaze to November, Drawing Parallels with Previous Market Cycles
On October 10th, crypto analyst Miles Deutscher referred to a chart from CryptoCon, which indicated that Bitcoin’s recent price behavior closely resembles patterns seen in past cycles.
This is typical sideways price action that occurs from Q2-Q4 in pre-halving years.
Miles Deutscher
He highlighted November 21st as a significant date in Bitcoin’s history, often serving as a pivotal point when its price begins an upward trend leading up to the next halving event.
For instance, in mid-2015, after approximately six months of trading sideways, Bitcoin’s price started to gain momentum around November. Similarly, in 2019, the markets remained relatively flat for most of the year before experiencing significant growth towards the end of the year. Another observation comes from a self-proclaimed crypto trader and technical analyst known as “Mags,” who noted that BTC is currently trading at a level approximately 60% below its all-time high, a pattern that aligns with the situations seen in 2015 and 2019.
It’s worth noting that the next Bitcoin halving is expected to occur in approximately six months, scheduled for late April or early May, depending on the specific countdown timer being referred to. These historical parallels are generating optimism among market observers, who anticipate a potential bullish turn in Bitcoin’s price trajectory in the coming months.
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