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 Bitcoin’s months of sideways action have been uncannily similar to the previous two BTC market cycles, which saw a pivot in November leading up to a halving event.
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 Bitcoin’s ongoing sideways <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> <a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a> could flip bullish as early as November if it behaves similarly to previous <a rel="noopener noreferrer nofollow" title="cycle" href="https://thebittimes.com/tag/cycle.html">cycle</a>s leading up to a halving event, according to market observers.
 On Oct. 10, crypto <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a> Miles Deutscher cited a chart from CryptoCon, noting that the recent patterns for Bitcoin are similar to those seen in previous <a rel="noopener noreferrer nofollow" title="cycle" href="https://thebittimes.com/tag/cycle.html">cycle</a>s.
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 “This is typical sideways price action that occurs from Q2-Q4 in pre-halving years.”
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 He added that Nov. 21 has historically been a key pivot point for Bitcoin's price to begin trending upward as it heads to the next halving.
 For example, following six months of sideways trading in mid-2015, BTC prices starting gaining ground around November. Likewise in 2019, markets spent most of the year flat before taking off around the end of the year.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/10/e3e29a859ce3111b6b07b465d898d35b.webp">
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 BTC price performance after each halving. Source: @milesdeutscher on Twitter
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 Self-proclaimed crypto trader and technical analyst “Mags” 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.
 <blockquote class="twitter-tweet">
 Bitcoin Halving in Just 200 Days Ever wondered where Bitcoin was 200 days before in the previous halvings? In 2016, BTC was -65% below its ATH. In 2019, BTC was -60% below its ATH. In 2023, BTC is currently -60% below its ATH. So, even if it seems like Bitcoin's price… pic.twitter.com/H8dlWcM91y— Mags (@thescalpingpro) October 9, 2023
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 Galaxy Trading added that a similar cycle could see a Bitcoin “dump” or bottom around November 10-15.
 <blockquote class="twitter-tweet">
 #BTC #bitcoin 2022-2023 bottom We had (for now) bottom at 9th November 2022 If we see similar cycle we might have the dump - bottom for 2023 around 10-15th November this year. https://t.co/iNikAekfjq pic.twitter.com/6SmTs5mIVB— GalaxyTrading (@GalaxyTrading_) October 9, 2023
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 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.
 Related: BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> won’t hit $100K before 2024 halving
 Meanwhile, in an Oct. 9 report, the head of research at crypto financial services firm Matrixport, Markus Thielen, said Bitcoin price could surge going into 2024, but for different reasons.
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 “At present, the most critical macroeconomic factor appears to be a reflection of the&nbsp;situation in 2019 when the Fed paused its rake hikes, leading to a significant surge in Bitcoin prices.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/10/10/39378483aa511b6da85eb08e38805163.webp">
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 Fed rate hikes and BTC price. Source: Matrixport
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 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.
 Magazine: Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-analysts-look-to-november-as-price-action-looks-to-mirror-past-cycles-tbt65719.html">https://thebittimes.com/bitcoin-analysts-look-to-november-as-price-action-looks-to-mirror-past-cycles-tbt65719.html</a>

Bitcoin analysts look to November as price action looks to mirror past cycles

TheBitTimes

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