Bitcoin analysts are eagerly examining the charts as November approaches, hoping to glean insights from previous cycles. Historically, November has always been important for the cryptocurrency market as BTC usually gains value and influences other coins.
According to crypto analyst Miles Deutscher, November promises to be a crucial month for Bitcoin enthusiasts and investors.
Bitcoin’s continued sideways trend signals a potential bullish shift in November
Market experts suggest that Bitcoin’s stagnant price movement could turn into a bullish trend in November. According to them, this could happen if it behaves similarly to previous cycles before a halving event.
For example, 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 previous cycles.
#Bitcoin’s recent price action continues to mirror the last two cycles.
This is typical sideways price action that occurs between the second and fourth quarters, in the years before the halving.
November 21 has historically been the key pivot point for a bullish shift. It will be interesting to see how $BTC reacts. pic.twitter.com/zP9vlG31Qc
— Miles Deutscher (@milesdeutscher) October 10, 2023
He added that around November 21, the price of Bitcoin usually starts to rise significantly in preparation for the next halving. This date is significant as a turning point in Bitcoin’s price trajectory.
For example, in 2015, when the price of Bitcoin fluctuated for about six months, it started to rise in November. Similarly, in 2019, Bitcoin’s price did not change much for most of the year, but started to rise towards the end of the year.
Other crypto analysts predict 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 has ever reached. This happened about 200 days before the 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 though it doesn’t seem like Bitcoin’s price is moving much, it is following a similar pattern to previous cycles.
Another crypto analyst, Galaxy trading, posited a similar prediction for Bitcoin’s price movement. The analyst drew attention to 2018-2019, when the price of Bitcoin reached a significant low. He noted that Bitcoin could dump or bottom out around November 10-15 this year if we see a similar price movement.
Additionally, principal researcher at MatrixportMarkus Thielen said Bitcoin’s price could soar by the end of 2024. However, he thinks this will happen for different reasons than what we see now.
He drew attention to some critical areas in August 2012, December 2015, May 2019 and August 2020. According to him, the bullish market started within twelve to eighteen months each time.
However, the Bitcoin halving will take about six months and could happen in late April or May depending on your countdown timer.
The analysis of several observers indicates a positive outlook for Bitcoin’s price before the next BTC halving. Meanwhile, today, October 10, BTC is trading at $27,568indicating a slight gain in 24 hours with volume of $12,189,678,605.
Featured image from Pixaby and chart from TradingView.com