July 21, 2024
Bitcoin’s November Pivot: Examining the Cycles of Crypto
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Bitcoin’s November Pivot: Examining the Cycles of Crypto

Market analysts are setting their sights on November, anticipating that Bitcoin’s price action will mimic patterns observed in previous cycles. Bitcoin has been stuck in a sideways trend for several months, resembling the behavior leading up to previous halving events. Observers suggest that Bitcoin’s current sideways price action could turn bullish in November, aligning with historical cycles.

Crypto analyst Miles Deutscher pointed out similarities in recent Bitcoin patterns to those witnessed in earlier cycles. He noted, “This is typical sideways price action that occurs from Q2-Q4 in pre-halving years.” Deutscher highlighted November 21 as a historically significant pivot point when Bitcoin’s price tends to start an upward trend leading to the next halving event.

In the past, after approximately six months of lateral movement in mid-2015, Bitcoin’s prices began to rise around November. Similarly, in 2019, the markets remained flat for most of the year before seeing significant growth toward the end of the year. Another observation came from a self-proclaimed crypto trader and technical analyst known as “Mags,” who noted that Bitcoin is currently trading at around 60% below its all-time high, which is consistent with the trends observed in 2015 and 2019. Galaxy Trading also suggested that Bitcoin could experience a “dump” or reach a bottom around November 10-15. The upcoming Bitcoin halving is approximately six months away and is expected to occur in late April or early May, depending on the chosen countdown timer.

Additionally, Markus Thielen, the head of research at crypto financial services firm Matrixport, stated in an October 9 report that Bitcoin’s price could surge into 2024, but for different reasons. He highlighted “At present, the most critical macroeconomic factor appears to be a reflection of the situation in 2019 when the Fed paused its rake hikes, leading to a significant surge in Bitcoin prices.”. Nonetheless, the consensus among most analysts and observers is that the next major bull market will likely emerge in the year following the Bitcoin halving. 

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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