Bitcoin analysts look to November as price action looks to mirror past cycles

The Bitcoin halving is around six months away and will take place in late April or early May depending on which countdown timer you refer to.Related: BTC cost will not strike $100K before 2024 halvingMeanwhile, in an Oct. 9 report, the head of research study at crypto financial services firm Matrixport, Markus Thielen, said Bitcoin price might surge going into 2024, but for various reasons.” At present, the most critical macroeconomic factor appears to be a reflection of the circumstance in 2019 when the Fed paused its rake hikes, leading to a substantial rise in Bitcoin costs.

Bitcoins continuous sideways rate action might flip bullish as early as November if it acts likewise to previous cycles leading up to a halving event, according to market observers.On Oct. 10, crypto analyst Miles Deutscher pointed out a chart from CryptoCon, keeping in mind that the recent patterns for Bitcoin are similar to those seen in previous cycles.” He added that Nov. 21 has traditionally been a crucial pivot point for Bitcoins price to begin trending up as it heads to the next halving. Bitcoin Halving in Just 200 Days Ever wondered where Bitcoin was 200 days before in the previous halvings?In 2016, BTC was -65% below its ATH.In 2019, BTC was -60% below its ATH.In 2023, BTC is presently -60% listed below its ATH.So, even if it appears like Bitcoins price … pic.twitter.com/H8dlWcM91y— Mags (@thescalpingpro) October 9, 2023

Galaxy Trading added that a similar cycle might see a Bitcoin “discard” or bottom around November 10-15. #BTC #bitcoin 2022-2023 bottom We had (in the meantime) bottom at 9th November 2022If we see comparable cycle we might have the dump – bottom for 2023 around 10-15th November this year. https://t.co/iNikAekfjq pic.twitter.com/6SmTs5mIVB— GalaxyTrading (@GalaxyTrading_) October 9, 2023