According to CryptoPotato, pseudonymous crypto analyst PlanB has highlighted November as a crucial accumulation period for Bitcoin before the April 2024 halving. He emphasized that the six months leading up to and 18 months post-halving are significant for market dynamics, with scarcity resulting from each halving driving Bitcoin's price. Past Bitcoin halvings have typically been followed by price surges, with BTC reaching its peak around 18 months post-halving. Currently, Bitcoin's price is consolidating around $34,300, influenced by spot ETF news.
PlanB stated that the six months prior to the halving and the year-and-a-half period after the halving are crucial windows of opportunity for buyers and sellers. This means that the effects of the halvings will not be seen until late 2025. The analyst added that the essence of the S2F model is that scarcity drives price and each halving is an important event that sees a major reduction in the issuance of BTC, making the asset scarcer.
The latest BTC halving took place in May 2020, and 18 months later, in November 2021, BTC peaked at approximately $69k. According to PlanB, this has been the pattern through the years and not just random speculation. Other important figures in the cryptocurrency space, such as Binance's CEO Changpeng Zhao (CZ), also believe the halving will have a significant effect on BTC's price. Bitcoin is currently trading at $34,300, heavily consolidated in the ranges between $32k and $34k, with the price increase led by rumors and news surrounding the spot ETF hype. It remains to be seen if the price will break out above $34k or consolidate for a longer period in November.
