Bitcoin Price Could Flip Bullish In November As It Mirrors Previous Cycles, Analyst
October 10 2023 - 1:00PM
NEWSBTC
Bitcoin analysts eagerly scrutinize the charts as November
approaches, hoping to gain insights from past cycles. Historically,
November has always been significant for the cryptocurrency market,
as BTC usually gains value, affecting other coins. According
to crypto analyst Miles Deutscher, November promises to be a
pivotal month for Bitcoin enthusiasts and investors. Related
Reading: What’s Behind XRP Price Retreat? Assessing Some
Eye-Opening Metrics Bitcoin’s Ongoing Sideways Trend Hints At
Potential Bullish Shift In November Market experts suggest that
Bitcoin’s stagnant price movement might transition to a bullish
trend in November. According to them, this could occur if it
behaves similarly to past cycles before a halving event. For
instance, on October 10, cryptocurrency analyst Miles Deutscher
referenced a chart from CryptoCon. In the X post, Miles highlighted
the parallels between Bitcoin’s recent patterns and those observed
in earlier 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 pre-halving years. November 21st has
historically been the key pivot point for a bullish shift. Will be
interesting to see how $BTC responds. pic.twitter.com/zP9vlG31Qc —
Miles Deutscher (@milesdeutscher) October 10, 2023 He added that
around November 21, the price of Bitcoin usually starts going up a
lot, getting ready for the next halving event. This date holds
significance as a turning point in Bitcoin’s price trajectory. For
instance, in 2015, when Bitcoin’s price was ranging for about six
months, it began to go up in November. Similarly, in 2019, the
price of Bitcoin didn’t change much for most of the year, but then
it started to increase towards the end of the year. Other Crypto
Analyst Predicts Similar Price Projections Another prominent crypto
trader and analyst, Mags, noticed something interesting in
Bitcoin’s chart. According to the analyst, Bitcoin’s price is
about 60% lower than the highest price it ever reached. This
happened around 200 days before its previous halving, just like in
2015 and 2019. The analyst wrote: In 2016, BTC was -65% below its
ATH. In 2019, BTC was -60% below its ATH. In 2023, BTC is currently
-60% below its ATH. So, even if it seems like Bitcoin’s price isn’t
moving much, it’s following a similar pattern to previous cycles.
Another crypto analyst, Galaxy Trading, posited a similar
prediction for Bitcoin’s price move. The analyst drew attention to
2018-2019 when Bitcoin’s price hit a significant bottom. He noted
that Bitcoin could dump or bottom around Nov 10-15 this year if we
see a similar price move. Additionally, lead researcher at
Matrixport, Markus Thielen, said that Bitcoin’s price might go up
massively by the end of 2024. However, he thinks it will happen for
different reasons than what we’re seeing now. He drew attention to
some critical areas in August 2012, December 2015, May 2019, and
August 2020. According to him, the bullish market commenced within
12 to 18 months in each case. However, the Bitcoin halving is
around six months away and might occur in late April or May,
depending on your countdown timer. Related Reading: XRP Price
Prediction – A Plunge To $0.45 On The Horizon, Here’s Why The
analysis from different observers is signaling a positive outlook
for the price of Bitcoin before the next BTC halving. Meanwhile,
today, October 10, BTC trades at $27,568, indicating a slight gain
in 24 hours with a volume of $12,189,678,605. Featured image from
Pixaby and chart from TradingView.com
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