Bitcoin’s continued sideways price action could turn bullish as early as November if it behaves similarly to previous sessions leading up to the halving event, according to market watchers.
On October 10, cryptocurrency analyst Miles Deutscher cited a chart from CryptoCon, noting that Bitcoin’s recent patterns resemble those seen in previous sessions.
“This is a typical sideways price movement that occurs from Q2 to Q4 in pre-halving years.”
He added that November 21 has historically been a major pivot point for Bitcoin’s price to begin an upward trend as it heads into the next halving.
For example, after six months of sideways trading in mid-2015, Bitcoin prices began to rise around November. Likewise in 2019, markets spent most of the year flat before taking off around the end of the year.
Cryptocurrency trader and technical analyst Mags made a similar observation, noting that BTC is currently 60% below its all-time high of about 200 days before the scheduled halving, similar to 2015 and 2019.
Bitcoin’s price halved in just 200 days
Have you ever wondered where Bitcoin was 200 days ago in the previous halving?
In 2016, BTC was 65% below ATH.
In 2019, BTC was 60% below ATH.
In 2023, BTC will currently be 60% below ATH.
So, even if it appears that the price of Bitcoin… pic.twitter.com/H8dlWcM91y
– Cups (@thescalpingpro) October 9, 2023
Galaxy Trading added that a similar cycle could see Bitcoin “dump” or bottom around November 10-15.
We have (for now) bottomed out on November 9, 2022
— Galaxy Trading (@GalaxyTrading_) October 9, 2023
The Bitcoin halving takes about six months and will occur in late April or early May depending on which countdown timer you refer to.
Related: BTC price will not reach $100,000 before the halving in 2024
Meanwhile, in a report dated October 9, Markus Thelen, head of research at crypto financial services firm Matrixport, said that Bitcoin’s price could rise until 2024, but for different reasons.
“At present, the most important macroeconomic factor appears to be a reversal of the situation in 2019 when the Fed paused its increases, leading to a significant rise in Bitcoin prices.”
However, the majority of analysts and observers generally agree that the next major bull market will come in the year following the Bitcoin halving.
magazine: Wolf Of All Streets is concerned about a world where Bitcoin reaches $1 million: the Hall of Flame