According to Cointelegraph, market observers said that if Bitcoin performs similarly to previous pre-halving cycles, its ongoing sideways price action could turn bullish in early November. Crypto analyst Miles Deutscher cited a chart from CryptoCon, noting that Bitcoin’s recent moves are similar to previous cycles. He added that historically, November 21 has been a key turning point for Bitcoin prices to start rising as it heads towards the next halving.

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