Bitcoin May Turn Bullish by November, Reflecting Historic Pre-Halving Patterns
Summary:
Analysts predict a bullish flip for Bitcoin as early as November, following patterns similar to those observed in the lead up to past halving events. The 21st November has been identified as a historic turning point for Bitcoin's price trend into an upward trajectory leading to the next halving. Despite the cause for this potential surge varying, the consensus among most market observers and analysts suggests the next major bull market will follow the Bitcoin halving year.
Should Bitcoin continue with its current fluctuating price trend, it may see a rise as soon as November, a pattern often observed leading to a halving occasion, as stated by market analysts. Crypto expert, Miles Deutscher, recognized and emphasized similar Bitcoin patterns during a CryptoCon chart discussion on Oct. 10. He remarked that this recurring phase of fluctuating prices from Q2-Q4 is expected in pre-halving years. Furthermore, Deutscher pointed out that the 21st of November was a critical turning point in Bitcoin's price trajectory, marking an upward trend until the next halving. Looking back at 2015 and 2019, Bitcoin traded flat for half a year before experiencing a rise around November.
A self-styled cryptocurrency trader and technical analyst, known as "Mags", echoed the same sentiment, noting that Bitcoin currently remains 60% below its peak value approximately 200 days prior to its scheduled halving, mirroring its position in 2015 and 2019.
Galaxy Trading offered a similar projection for Bitcoin, suggesting a potential low point around November 10-15.
The Bitcoin halving is projected to occur in either late April or early May, depending on which countdown is referred to. Markus Thielen, head of research at Matrixport, a cryptocurrency financial service firm, in his report on Oct. 9, suggested a potential upswing in Bitcoin price as we move towards 2024, but his reasoning differed.
Markus believes that the key macroeconomic factor currently influencing Bitcoin's value mirrors the scenario in 2019 when the Fed put a pause to its rate increases, causing a significant uptick in Bitcoin prices.
However, the consensus among the majority of analysts and observers is that the year following the Bitcoin halving will usher in the next significant bull market.
Published At
10/10/2023 5:51:35 AM
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