As November approaches, Bitcoin analysts eagerly examine the charts in hopes of gaining insights from past cycles. Historically, November has always been important for the cryptocurrency market, as BTC usually increases in value, which affects other coins.
Thank you for reading this post, don't forget to subscribe!According to crypto analyst Miles Deutscher, November promises to be an important month for Bitcoin enthusiasts and investors.
Bitcoin’s ongoing sideways trend hints at a potential bullish move in November
Market experts suggest that the stable price of Bitcoin may turn into a bullish trend in November. According to them, this could happen if it behaves similarly to previous cycles before the halving event.
For example, on October 10, cryptocurrency analyst Miles Deutscher referenced a chart from CryptoCoin. In the X post, Miles highlighted the similarities between Bitcoin’s recent patterns and those seen in previous cycles.
#Bitcoin’s recent price action is still mirroring the last 2 cycles.
This is typical sideways price action that occurs from Q2-Q4 in the years prior to the half.
November 21st has historically been the main pivot point for bullish reversals. It will be interesting to see how $BTC responds. pic.twitter.com/zP9vlG31Qc
– Miles Deutscher (@milesdeutscher) 10 October 2023
He said that around November 21, the price of Bitcoin usually starts moving much higher, getting ready for the next halving event. This date is significant as a turning point in Bitcoin’s price trajectory.
For example, in 2015, when the price of Bitcoin had been rising for almost six months, it started rising in November. Similarly, in 2019, the price of Bitcoin did not change much for most of the year, but then started rising towards the end of the year.
Other crypto analysts predict similar price estimates
Mags, another prominent crypto trader and analyst, noticed something interesting in Bitcoin’s charts. According to the analyst, the price of Bitcoin is about 60% below its all-time high price. This occurred approximately 200 days before its previous halving, like in 2015 and 2019.
analyst wrote:
In 2016, BTC was down -65% from its ATH. In 2019, BTC was down -60% from its ATH. In 2023, BTC is currently down -60% from its ATH. So, even though it seems like the Bitcoin price is not moving much, it is following the same pattern as previous cycles.
Another crypto analyst, Galaxy Trading, made a similar prediction for Bitcoin’s price fluctuations. The analyst drew attention to 2018-2019 when the price of Bitcoin reached a significant low. He said that if we see similar price movements then Bitcoin could fall or bottom around November 10-15 this year.
Additionally, Marcus Thielen, lead researcher at Matrixport, said that the price of Bitcoin could rise massively by the end of 2024. However, he thinks this will happen for different reasons than what we are seeing now.
They drew attention to some important areas in August 2012, December 2015, May 2019 and August 2020. According to him, in each case the bull market started within 12 to 18 months.
However, there are about six months left until the Bitcoin halving and it could happen in late April or May depending on your countdown timer.
Analysis from various observers is indicating a positive outlook for the Bitcoin price ahead of the next BTC halving. Meanwhile, today, October 10, BTC is trading at $27,568, indicating a slight gain in 24 hours with a volume of $12,189,678,605.
Featured image from Pixabay and chart from Tradingview.com
source: www.newsbtc.com
