Analyzing Bitcoin Price Cycles in November with Crypto Experts
Exploring Bitcoin’s Price Action Ahead of Halving Event As the Bitcoin (BTC) halving event approaches, market observers note that the ongoing sideways price action could turn bullish as early as November – a pattern that has been seen in previous cycles. On Oct. 10, crypto analyst Miles Deutscher shared a chart from CryptoCon, which showed…
Exploring Bitcoin’s Price Action Ahead of Halving Event
As the Bitcoin (BTC) halving event approaches, market observers note that the ongoing sideways price action could turn bullish as early as November – a pattern that has been seen in previous cycles. On Oct. 10, crypto analyst Miles Deutscher shared a chart from CryptoCon, which showed that the recent patterns for Bitcoin are similar to those seen in the past. Deutscher noted that November 21st has historically been a pivotal point for Bitcoin’s price to start trending upwards in the lead up to a halving event.
For instance, after six months of sideways trading in the middle of 2015, Bitcoin prices began to increase around November. Similarly, in 2019, the markets were mostly stagnant before taking off towards the end of the year.
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Crypto Traders Observe Bitcoin Halving
Self-proclaimed crypto trader and technical analyst “Mags” has noted that BTC is currently sitting 60% below its all-time high, approximately 200 days before its scheduled halving, similar to 2015 and 2019. Galaxy Trading has suggested that a similar cycle could lead to a Bitcoin “dump” or bottom around November 10–15.
The Bitcoin halving is estimated to take place in late April or early May, as indicated by various countdown timers. Markus Thielen, head of research at Matrixport, a crypto financial services firm, has suggested that Bitcoin’s price could surge going into 2024, for different reasons.
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Despite the differences of opinion, most analysts and observers are in agreement that the next bull market will likely occur in the year after the Bitcoin halving.
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