Crypto News – As a result of the high cyclicality of the Bitcoin and cryptocurrency markets, patterns have developed that have so far recurred in each cycle. Bull markets have always followed occurrences where prices were halved, but this time around, immediately before those events, there has been a significant pullback. The next Bitcoin halving, which will take place in April or May of next year, is around six months away, so analysts are hunting for signs from prior cycles.
Significant Bitcoin Corrections Have Always Preceded Halvings, Will History Repeat Itself?
Rekt Capital, a cryptocurrency trader and analyst, published a fairly depressing reminder of what happened at the same time in prior cycles on October 13. It might give a signal as to how pricing will change over the course of the remainder of the year, with fewer than 190 days until the event.
BTC values had a 25% pullback in 2015, around six months prior to the 2016 halving. Furthermore, late in 2019, about six months before the 2020 halving, BTC prices fell by an astounding 38%.
BTC Price May Decline in November
During this pre-halving period, a retracement of a similar nature could send BTC prices back to the $20,000 mark. Additionally, some experts have recently reinforced the idea of a November drop.
Technical analyst CryptoCon earlier this week, in the lead-up to the halving, contrasted prior market cycles. Prior to the year’s end, the previous two years had seen six-month sideways trading periods. For the past seven months in 2023, the cryptocurrency markets have remained flat. The following bull market, however, turned in November, when prices declined to lows.
We’re still waiting for the one date when these cycles lined up perfectly… November 21.
CryptoCon
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