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

itcoin’s ongoing sideways price action could flip bullish as early as November if it behaves similarly to previous cycles leading up to a halving event, according to market observers.

On Oct. 10, crypto analyst Miles Deutscher cited a chart from CryptoCon, noting that the recent patterns for Bitcoin are similar to those seen in previous cycles.

“This is typical sideways price action that occurs from Q2-Q4 in pre-halving years.”
He added that Nov. 21 has historically been a key pivot point for Bitcoin's price to begin trending upward as it heads to the next halving.

For example, following six months of sideways trading in mid-2015, BTC prices starting gaining ground around November. Likewise in 2019, markets spent most of the year flat before taking off around the end of the year.

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Oct-10-2023 07:31:58 AM