Although the leading cryptocurrency Bitcoin tried to exceed $ 28,000 over the weekend, it failed.
At this point, BTC, which continues its horizontal movements at the level of $ 27,000, is trying to maintain the level of $ 27,500 despite the sales pressure and tension experienced at the beginning of the week.
While investors are now expecting a rise from BTC, popular cryptocurrency analyst Miles Deutscher pointed out November for the rise.
Sharing a chart of previous halving cycles on his Twitter account, the analyst stated that BTC's recent movements are similar to previous cycles.
In this context, the analyst added that November 21 has historically been an important turning point for the Bitcoin price to begin its upward trend towards the next halving.
“Bitcoin's recent price movement reflects the last 2 halving cycles.
At this point, BTC is trending similar to the typical sideways price movement that occurred between Q2 and Q4 in the pre-halving years.
November 21 has historically been the key turning point in the uptrend. “It will be interesting to see how BTC reacts.”
Looking at the chart shared by the analyst, it was seen that Bitcoin exhibited horizontal movements before the halving in 2016, and after the horizontal movement, BTC prices started to rise around November.
This situation was also seen to occur in the halving that took place in 2020.
Bitcoin is trading at $27,560 at the time of writing.
#Bitcoin's recent price action is still mirroring the last 2 cycles.
This is typical sideways price action that occurs from Q2-Q4 in pre-halving years.
November 21st has historically been the key pivot point for a bullish shift. Will be interesting to see how $BTC responds. pic.twitter.com/zP9vlG31Qc
— Miles Deutscher (@milesdeutscher) October 10, 2023
*This is not investment advice.
