Bitcoin analysts eagerly scrutinize the charts as November approaches, hoping to gain insights from past cycles. Historically, November has always been significant for the cryptocurrency market, as BTC usually gains value, affecting other coins.
According to crypto analyst Miles Deutscher, November promises to be a pivotal month for Bitcoin enthusiasts and investors.
Bitcoin’s Ongoing Sideways Trend Hints At Potential Bullish Shift In November
Market experts suggest that Bitcoin’s stagnant price movement might transition to a bullish trend in November. According to them, this could occur if it behaves similarly to past cycles before a halving event.
For instance, on October 10, cryptocurrency analyst Miles Deutscher referenced a chart from CryptoCon. In the X post, Miles highlighted the parallels between Bitcoin’s recent patterns and those observed in earlier cycles.
#Bitcoin’s recent price action is still mirroring the last 2 cycles.
This is typical sideways price action that occurs from Q2-Q4 in pre-halving years.
November 21st has historically been the key pivot point for a bullish shift. 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 going up a lot, getting ready for the next halving event. This date holds significance as a turning point in Bitcoin’s price trajectory.
For instance, in 2015, when Bitcoin’s price was ranging for about six months, it began to go up in November. Similarly, in 2019, the price of Bitcoin didn’t change much for most of the year, but then it started to increase towards the end of the year.
Other Crypto Analyst Predicts Similar Price Projections
Another prominent crypto trader and analyst, Mags, noticed something interesting in Bitcoin’s chart. According to the analyst, Bitcoin’s price is about 60% lower than the highest price it ever reached. This happened around 200 days before its previous halving, just like in 2015 and 2019.
The analyst 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 Bitcoin’s price isn’t moving much, it’s following a similar pattern to previous cycles.
Another crypto analyst, Galaxy Trading, posited a similar prediction for Bitcoin’s price move. The analyst drew attention to 2018-2019 when Bitcoin’s price hit a significant bottom. He noted that Bitcoin could dump or bottom around Nov 10-15 this year if we see a similar price move.
Additionally, lead researcher at Matrixport, Markus Thielen, said that Bitcoin’s price might go up massively by the end of 2024. However, he thinks it will happen for different reasons than what we’re seeing now.
He drew attention to some critical areas in August 2012, December 2015, May 2019, and August 2020. According to him, the bullish market commenced within 12 to 18 months in each case.
However, the Bitcoin halving is around six months away and might occur in late April or May, depending on your countdown timer.
The analysis from different observers is signaling a positive outlook for the price of Bitcoin before the next BTC halving. Meanwhile, today, October 10, BTC trades at $27,568, indicating a slight gain in 24 hours with a volume of $12,189,678,605.
Featured image from Pixaby and chart from TradingView.com