According to Cointelegraph, market observers said that if Bitcoin behaves similarly to the cycles before the previous halving events, its continued sideways price trend could turn bullish in early November. Crypto analyst Miles Deutscher cited a chart from CryptoCon, pointing out that Bitcoin's recent trend is similar to previous cycles. He added that historically, November 21 has always been a key turning point for Bitcoin's price to start rising as it moves towards the next halving.

“Mags,” a self-proclaimed crypto trader and technical analyst, made a similar observation, noting that Bitcoin is currently about 200 days away from its scheduled halving and is down 60% from its all-time high, similar to 2015 and 2019.

Galaxy Trading added that a similar cycle could see a “sell-off” or bottom in Bitcoin between Nov. 10 and 15. The Bitcoin halving is about six months away, in late April or early May of next year, depending on which countdown timer you refer to.