{"id":13582,"date":"2023-10-10T07:55:50","date_gmt":"2023-10-10T07:55:50","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13582"},"modified":"2023-10-10T07:55:51","modified_gmt":"2023-10-10T07:55:51","slug":"bitcoin-analysts-look-to-november-as-price-action-looks-to-mirror-past-cycles","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13582","title":{"rendered":"Bitcoin analysts look to November as price action looks to mirror past cycles"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin\u2019s (BTC) 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.<\/p>\n<p>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.<\/p>\n<p>\u201cThis is typical sideways price action that occurs from Q2-Q4 in pre-halving years.\u201d<\/p>\n<p>He added that Nov. 21 has historically been a key pivot point for Bitcoin\u2019s price to begin trending upward as it heads to the next halving.<\/p>\n<p>For example, following six months of sideways trading in mid-2015, BTC prices started gaining ground around November. Likewise, in 2019, markets spent most of the year flat before taking off around the end of the year.<\/p>\n<p><em>BTC price performance after each halving. Source: Miles Deutscher on X<\/em><\/p>\n<p>Self-proclaimed crypto trader and technical analyst \u201cMags\u201d made a similar observation, noting that BTC is currently sitting 60% below its all-time high at around 200 days before its scheduled halving, similar to 2015 and 2019.<\/p>\n<p lang=\"en\" dir=\"ltr\">Bitcoin Halving in Just 200 Days <\/p>\n<p>Ever wondered where Bitcoin was 200 days before in the previous halvings?<\/p>\n<p>In 2016, BTC was -65% below its ATH.<\/p>\n<p>In 2019, BTC was -60% below its ATH.<\/p>\n<p>In 2023, BTC is currently -60% below its ATH.<\/p>\n<p>So, even if it seems like Bitcoin&#8217;s price\u2026 pic.twitter.com\/H8dlWcM91y<\/p>\n<p>\u2014 Mags (@thescalpingpro) October 9, 2023<\/p>\n<p>Galaxy Trading added that a similar cycle could see a Bitcoin \u201cdump\u201d or bottom around November 10\u201315.<\/p>\n<p lang=\"en\" dir=\"ltr\">#BTC #bitcoin <\/p>\n<p>2022-2023 bottom <\/p>\n<p>We had (for now) bottom at 9th November 2022<\/p>\n<p>If we see similar cycle we might have the dump &#8211; bottom for 2023 around 10-15th November this year. https:\/\/t.co\/iNikAekfjq pic.twitter.com\/6SmTs5mIVB<\/p>\n<p>\u2014 GalaxyTrading (@GalaxyTrading_) October 9, 2023<\/p>\n<p>The Bitcoin halving is around six months away and will occur in late April or early May depending on which countdown timer you refer to.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>BTC price won\u2019t hit $100K before 2024 halving<\/em><\/strong><\/p>\n<p>Meanwhile, in an Oct. 9 report, Markus Thielen, head of research at crypto financial services firm Matrixport, said Bitcoin\u2019s price could surge going into 2024, but for different reasons.<\/p>\n<p>\u201cAt present, the most critical macroeconomic factor appears to be a reflection of the\u00a0situation in 2019 when the Fed paused its rake hikes, leading to a significant surge in Bitcoin prices.\u201d<em>Fed rate hikes and BTC price. Source: Matrixport<\/em><\/p>\n<p>Nevertheless, the majority of analysts and observers are in general agreement that the next major bull market will come in the year that follows the Bitcoin halving.<\/p>\n<p><em><strong><em>Collect this article as an NFT<\/em><\/strong><em> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-btc-price-analysts-november-halving-bull-run\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s (BTC) 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13582"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13582\/revisions"}],"predecessor-version":[{"id":13584,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13582\/revisions\/13584"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13583"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}