Bullish Turnaround in November?
Bitcoin's current sideways price action could potentially turn bullish as early as November, following patterns seen in previous halving cycles, according to market observers. Crypto analyst Miles Deutscher highlighted that the price patterns of Bitcoin in Q2-Q4 of pre-halving years typically exhibit sideways movement. Historically, November 21 has been a key pivot point for Bitcoin's price, with a trend upward leading to the next halving event. For instance, in 2015 and 2019, Bitcoin's price remained flat for the majority of the year before an upward surge around the end of the year.
Similarities Across Halving Cycles
Another crypto trader and technical analyst, known as "Mags," observed that Bitcoin's current position, around 60% below its all-time high, is comparable to its position around 200 days before the previous halving events in 2015 and 2019. This suggests that Bitcoin may follow a similar cycle ahead of the upcoming halving event in 2023.
Possible "Dump" in November
Galaxy Trading mentioned that there could potentially be a Bitcoin "dump" or bottom around November 10-15, aligning with the similar cycle observed. The Bitcoin halving is approximately six months away and is projected to occur in late April or early May, depending on the countdown timer referenced.
2024 Surge Predicted
The head of research at Matrixport, Markus Thielen, predicted a potential surge in Bitcoin prices leading into 2024, driven by macroeconomic factors. He drew parallels to the situation in 2019 when the Federal Reserve paused its rate hikes, resulting in a significant increase in Bitcoin prices.
Await the Next Bull Market
Most analysts and observers agree that the next major bull market for Bitcoin will likely follow the upcoming halving event, reinforcing the idea that the cycle tends to repeat itself.
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