Market observers say Bitcoin’s ongoing sideways price action could turn bullish as soon as November if the currency performs similarly to previous cycles leading up to halving events.
On October 10, cryptocurrency analyst Miles Deutscher cited a chart from CryptoCon stating that Bitcoin’s recent patterns are similar to those seen in previous cycles.
“This is the typical sideways price movement that occurs in the second to fourth quarters before the halving.”
He added that historically, November 21 has been a key pivot point for Bitcoin prices to start rising towards the next halving.
For example, following six months of sideways trading in mid-2015, Bitcoin prices began to rise around November. Likewise, in 2019, the market was flat for most of the year before starting to take off around the end of the year.
“Mags”, a self-proclaimed cryptocurrency trader and technical analyst, also made similar observations, pointing out that the current price of BTC is 60% lower than the historical high, and there are still about 200 days until the scheduled halving, which is the same as in 2015 and Similar in 2019.
Bitcoin Halving in Just 200 Days
Ever wonder where Bitcoin was during the previous halvings 200 days ago?
In 2016, BTC was -65% below its highest peak.
In 2019, BTC was -60% below its highest peak.
In 2023, BTC is currently -60% below its ATH.
So even though it looks like the price of Bitcoin… pic.twitter.com/H8dlWcM91y
— Mags (@thescalpingpro) October 9, 2023
Galaxy Trading added that a similar cycle could lead to a “plunge” or bottom for Bitcoin around November 10-15.
2022-2023 bottom
We hit bottom (currently) on November 9, 2022
If we see a similar cycle, we may see the 2023 trough around November 10-15 of this year. pic.twitter.com/6SmTs5mIVB
— GalaxyTrading (@GalaxyTrading_) October 9, 2023
The Bitcoin halving is roughly six months away and will occur in late April or early May, depending on which countdown timer you are referring to.
related: BTC price will not reach $100,000 before halving in 2024
Meanwhile, Markus Thielen, director of research at cryptocurrency financial services firm Matrixport, said in an Oct. 9 report that Bitcoin prices may surge in 2024, but for different reasons.
“The most critical macroeconomic factors now appear to mirror what happened in 2019, when the Fed paused commission rate hikes, leading to a sharp rise in Bitcoin prices.”
Despite this, most analysts and observers generally believe that the next major bull market will arrive a year after Bitcoin’s halving.
Magazine: Wolf Of All Streets worries about a world where Bitcoin breaks $1 million: Hall of Fire
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