Bitcoin’s months of sideways movement bear a striking resemblance to the previous two BTC market cycles, which saw a turning point in November leading up to the halving event.
Bitcoin’s market watchers say that if price action is similar to previous cycles leading up to the halving event, the ongoing sideways price action could turn bullish as early as November.
Citing a chart from CryptoCon on Oct. 10, cryptocurrency analyst Miles Deutscher noted that Bitcoin’s recent pattern is similar to those seen in previous cycles.
“This is typical sideways price action that occurs in Q2-Q4 before the halving.”
He added that historically, November 21 has been a key pivot point for Bitcoin’s price to start rising towards the next halving.
For example, after six months of sideways trading in mid-2015, the price of Bitcoin began to rise around November. Similarly, in 2019 the market was mediocre for most of the year before taking off around the end of the year.
BTC price performance after each halving.
“Mags,” a self-proclaimed cryptocurrency trader and technical analyst, made a similar observation, noting that BTC’s current price is 60% below its all-time high and with about 200 days left until the scheduled halving, similar to 2015 and 2019.
Galaxy Trading added that a similar cycle could lead to a “crash” or bottom in Bitcoin around November 10-15.
The Bitcoin halving is about six months away and will occur in late April or early May, depending on which countdown timer you are referring to.
Meanwhile, Markus Thielen, head of research at cryptocurrency financial services firm Matrixport, said in a report on Oct. 9 that Bitcoin’s price could surge in 2024, but for different reasons.
“The most critical macroeconomic factors right now appear to mirror what happened in 2019, when the Fed paused its commission rate hikes, leading to a sharp rise in Bitcoin prices.”
Fed rate hikes and Bitcoin price.
Nonetheless, most analysts and observers generally agree that the next major bull run will come a year after Bitcoin’s halving.
#公链生态 #一起来跟单 #注意资金安全 #DeFiChallenge #BTC
【Disclaimer】The market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.