bitcoin analysts are eagerly examining charts as November approaches, hoping to gain insights from past cycles. Historically, November has always been important for the cryptocurrency market, as btc usually gains value, affecting other currencies.
According to crypto analyst Miles Deutscher, November promises to be a pivotal month for bitcoin enthusiasts and investors.
bitcoin‘s Current Sideways Trend Hints at Possible Bullish Reversal in November
Market experts suggest that bitcoin‘s stagnant price movement could shift into an uptrend in November. According to them, this could happen if it behaves similarly to previous cycles before a halving event.
For example, on October 10, cryptocurrency analyst Miles Deutscher referenced a chart from CryptoCon. In the X post, Miles highlighted the parallels between recent bitcoin patterns and those seen in previous cycles.
#bitcoin‘s recent price action still reflects the last 2 cycles.
This is a typical sideways price action that occurs between the second and fourth quarters in the years leading up to the halving.
Historically, November 21 has been the key point for a bullish reversal. It will be interesting to see how $btc responds. pic.twitter.com/zP9vlG31Qc
– Miles Deutscher (@milesdeutscher) October 10, 2023
He added that around November 21, the price of bitcoin usually starts to rise a lot, preparing for the next halving event. This date is important as a turning point in the trajectory of the price of bitcoin.
For example, in 2015, when the price of bitcoin fluctuated for about six months, it started to rise in November. Similarly, in 2019, the price of bitcoin did not change much for most of the year, but then began to increase towards the end of the year.
Another crypto analyst predicts similar price projections
Another prominent cryptocurrency trader and analyst, Mags, noticed something interesting on the bitcoin chart. According to the analyst, the price of bitcoin is approximately 60% lower than the highest price ever reached. This occurred about 200 days before its previous halving, as in 2015 and 2019.
the analyst btc-price-analysts-november-halving-bull-run” target=”_blank” rel=”nofollow”>wrote:
In 2016, btc was -65% below its ATH. In 2019, btc was -60% below its ATH. In 2023, btc is currently -60% below its ATH. So even if it seems like the price of bitcoin is not moving much, it is following a similar pattern to previous cycles.
Another crypto analyst, btc-price-analysts-november-halving-bull-run” target=”_blank” rel=”nofollow”>galaxy trade, postulated a similar prediction for bitcoin price movement. The analyst drew attention to the 2018-2019 period, when the price of bitcoin hit a significant bottom. He noted that bitcoin could fall or bottom between November 10 and 15 this year if we see a similar price movement.
Besides, Principal Investigator at MatrixportMarkus Thielen said that the price of bitcoin could rise enormously by the end of 2024. However, he believes it will happen for different reasons than what we are seeing now.
In August 2012, December 2015, May 2019 and August 2020 he drew attention to some critical points. According to him, the bull market began in each case between 12 and 18 months.
However, the bitcoin halving is about six months away and could happen in late April or May, depending on your countdown timer.
Analysis from different observers points to a positive outlook for bitcoin price ahead of the upcoming btc halving. Meanwhile, today, October 10, btc trading at $27,568indicating a slight gain in 24 hours with a volume of $12,189,678,605.
Featured image from Pixaby and chart from TradingView.com
