Bitcoin’s Sideways Price Action Could Turn Bullish in November
Market observers believe that Bitcoin’s ongoing sideways price action could turn bullish as early as November, following patterns seen in previous halving cycles. Analysts have noted that the period between Q2 and Q4 in pre-halving years typically sees sideways trading. Historically, November 21 has been a key pivot point for Bitcoin’s price to start trending upwards towards the next halving. For example, in mid-2015 and 2019, BTC prices began gaining ground after months of flat trading. Currently, BTC is sitting around 60% below its all-time high, similar to previous halving cycles.
A Possible Bitcoin “Dump” or Bottom in November
Galaxy Trading suggests that a similar cycle could see a Bitcoin “dump” or bottom around November 10-15. In a tweet, they compared the current cycle to previous ones and indicated that the bottom for 2023 may occur during this timeframe. This observation aligns with the historical pattern of Bitcoin’s price movement before halvings.
The Bitcoin Halving and Potential Price Surge in 2024
The Bitcoin halving is approximately six months away, scheduled for late April or early May. According to Markus Thielen, head of research at Matrixport, Bitcoin’s price could surge going into 2024 due to macroeconomic factors. Thielen points out that the pause in rake hikes by the Fed in 2019 led to a significant increase in Bitcoin prices. While there may be different opinions on the timing, most analysts agree that the next major bull market will follow the Bitcoin halving.
Hot Take: The Path Towards a Bullish Market
Bitcoin’s current sideways price action is reminiscent of previous halving cycles, indicating the potential for a bullish market in November. Historical patterns have shown that Bitcoin’s price tends to start trending upwards around this time, following months of flat trading. Additionally, BTC’s current position around 60% below its all-time high aligns with previous halving cycles. This suggests that Bitcoin may experience a “dump” or bottom in November before entering a new bull market. While there may be uncertainties and different opinions on the timing, the upcoming halving event remains an important factor for Bitcoin’s future price movements.
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