Cryptocurrency analysts pay a lot of attention to past price movements, and these patterns tend to repeat. The reason for this is psychological, as in technical analysis. The more investors expect and take positions by following the same model, the more likely it is that these models will repeat in the future.
November Crypto Predictions
Cryptocurrency market analysts seem hopeful for November after a long-term sideways movement. Although this may sound funny when we think about October expectations, historical patterns cannot always be expected to be violated. Moreover, so far October has helped maintain the important 27,200 support level for BTC.
Crypto analyst Miles Deutscher noted the similarity of the current chart to previous cycles, citing a chart from CryptoCon on October 10. If we are to see a repeat, we may see an early rise in cryptocurrencies starting in November, before the halving.
“This chart is the typical horizontal price movement that occurred between Q2-Q4 in the pre-halving years.”
He added that November 21 has historically been a key pivot point for Bitcoin's price to begin rising as it moves towards the next block reward halving.
Cryptocurrencies Historical Data
Bitcoin price began a compelling sideways movement in March as volumes began to decline. So much so that we have been witnessing that the #BTC price has been trading in a narrow range for 2 quarters. The BTC price, which remained horizontal for six months in mid-2015, started to rise around November. Similarly, in 2019, markets remained flat for most of the year before rising towards the end of the year.
#kripto currency expert, known by the nickname Mags, made a similar observation, stating that BTC is currently 60% below its all-time high, with approximately 200 days left before the planned halving, similar to the ones in 2015 and 2019.
Another analyst, Galaxy Trading, thinks that a new bottom may be seen around November 10-15, and then the rise will begin. Matrixport's research director, Markus Thielen, said in his report published yesterday that the Bitcoin price may increase by 2024, but this may happen for different reasons.
“The most critical macroeconomic factor at the moment appears to be a reflection of the situation in 2019, when the Fed halted interest rate hikes, leading to a significant increase in Bitcoin prices.”
However, under current conditions, it seems that the Fed's interest rate cut would be a surprising move.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
