Reviewing Pre-Bitcoin Halving Behavior for Investment Insights
If you want to understand how to invest in the current crypto market, analyst CryptoCon suggests reviewing the behavior before previous Bitcoin (BTC) halvings. By studying past halving cycles, the analyst predicts that the best investment returns for Bitcoin will likely occur at the end of November.
Examining Patterns from Previous Halvings
To support this thesis, CryptoCon analyzed patterns between Bitcoin halving events, which reduce the amount of Bitcoin awarded to miners. The analysis revealed four curves that track Bitcoin’s performance during these events.
The orange line represents BTC performance from the launch of the network until the first halving in November 2012. The pink line covers the period between November 2012 and the July 2016 halving. The blue line depicts BTC performance between the second and third halvings in May 2020, while the green line records Bitcoin’s performance since then.
Predicting a Breakout in November
Looking ahead, the next Bitcoin halving is expected to take place in spring 2024. Based on the observed cyclical pattern between halvings, it can be assumed that the cryptocurrency’s price will increase before the reduction in block rewards next spring. CryptoCon suggests that if Bitcoin breaks out of its prolonged sideways pattern around November 21, 2023, it could exhibit positive momentum.
Hot Take: Seizing Opportunities from the Bitcoin Halving
If you’re interested in making money from the Bitcoin halving, BeInCrypto offers a collection of expert opinions on the event’s basics. Stay informed and seize potential opportunities.
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