Cryptocurrency

Bitcoin

April

Rekt

The king of cryptocurrencies once again surpassed the $26,800 support today, but the daily close was just below the zone. On October 12, the closing was at $26,759. These levels are crucial for <a href="https://coin-turk.com/tek-islemde-4000-btclik-kripto-para-transferi-bitcoin-yeni-bir-dususe-mi-hazirlaniyor" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/cryptocurrency-market-on-the-edge-anticipating-the-impact-of-turkish-elections-on-the-sector/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> and if today’s closing is below the critical support, losses may increase. So what will happen if history repeats itself?
<h2 style="text-align: justify" id="cryptocurrency-cycle">Cryptocurrency Cycle</h2>
Historical patterns have always been exciting for cryptocurrency investors. Moreover, since they often provide accurate results, a few investors have managed to multiply their capital by taking the right positions. Although medium-term risks can be psychologically exhausting, identifying the right alternatives and persistently protecting investments pays off in the long run.
Bitcoin and the crypto market have been priced within recurring patterns so far. Bull seasons followed the halving event, and that has been the case until now. But what about before halving? In the pre-halving periods representing the current phase, the market tended to find a bottom. Most experts’ negative approach until April of next year is also based on this.
With approximately 6 months left until the halving, analysts are warning investors by recalling previous cycles.
<h2 style="text-align: justify" id="cryptocurrency-analyst-predictions">Cryptocurrency Analyst Predictions</h2>
Today, popular crypto analyst Rekt Capital shared a gloomy comment that reminds us of what happened at the same point in previous cycles. With less than 190 days until the Bitcoin block reward halving, it can give us an indication of where prices will go for the rest of this year.
Let’s take the example of the year 2015. 6 months before halving, which is where we are today, the <a href="https://coin-turk.com/milyarder-isim-bitcoin-hakkinda-yanildi-mi" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/bitcoin-anchors-above-30000-impacts-crypto-market-and-altcoins/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> price had declined by 25%. In 2019, during the same period, the price dropped by 35%.
<img decoding="async" class="size-full wp-image-266098 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/Bitcoin-Kac-Dolar-Dusecek.jpg" alt="" width="1788" height="1264">
If history repeats itself in cryptocurrencies, we may see the BTC price drop to $20,000 in the near future. But can a prediction of $20,000 be overly pessimistic when BTC made a bottom lower than it should have been due to the extreme stress environment last year? It can be, because BTC witnessed many industry giants collapsing on investors for the first time while going through the Fed tightening (with such rapid interest rate hikes).
Analyst CryptoCon says that a major movement will occur by November 21. If we are to see a new bottom, it may happen by that date.
<img decoding="async" class="size-full wp-image-266099 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/Bitcoin-Dongusel-Tahmin.jpg" alt="" width="1800" height="1013">
The third analyst, Mags, reminded us how far below the ATH point the price is 6 months before halving. In 2015, during this phase of the cycle, BTC was below the all-time high level by 65%. In 2019, it was below by 60%. So what about today? Today, BTC is 60% below, which means instead of the second bottom of $20,000 we mentioned earlier, it could be around $25,000. Because the violation of the previous ATH level was a situation seen for the first time, and today BTC may not drop to those levels.
<div class="sorumluluk_reddi" style="text-align: justify">Disclaimer: The information in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and therefore carry risks, and should conduct their own research before making any transactions.
</div> Continue Reading: <a href="https://en.coin-turk.com/crypto-currencies-will-history-repeat-itself/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/crypto-currencies-will-history-repeat-itself/</a>

Crypto Currencies: Will History Repeat Itself?

Table of Contents

COINTURK NEWS

Other articles published on Oct 13, 2023

AI Impact on Human Cognition

ESMA Highlights the Intricacies of Decentralized Finance

Highly Anticipated “According to CMC” Q3 2023 Report by CoinMarketCap Published

ProShares unveils Ethereum short futures ETF launch

ROP Stock Price Escapes $500, Will it Extend Gains or Revert?

Bitcoin SV (BSV) Price Prediction 2024, 2025, 2030, 2040, and 2050

Join our free newsletter for daily crypto updates!