Will November become a critical month for the Bitcoin market?To make a long story shortPlanB emphasizes that November is a critical accumulation period for Bitcoin before the halving in April 2024, and emphasizes that the 6 months before and 18 months after the halving are crucial to market dynamics. He believes that the scarcity brought about by each halving will drive the price of Bitcoin
Will November become a critical month for the Bitcoin market?
To make a long story short
- PlanB emphasizes that November is a critical accumulation period for Bitcoin before the halving in April 2024, and emphasizes that the 6 months before and 18 months after the halving are crucial to market dynamics. He believes that the scarcity brought about by each halving will drive the price of Bitcoin.
- The halving of Bitcoin in the past usually accompanied a surge in prices, with Bitcoin peaking around 18 months after the halving. Currently, due to the impact of spot ETF news, the price of Bitcoin is consolidating at around $34300.
Pseudonym cryptocurrency analyst PlanB recently shared his insights on the current situation of Bitcoin, stating that November will be a critical accumulation period for BTC bulls before halving in April 2024.
PlanB stated that the six months before and one and a half years after halving are crucial opportunity windows for both buyers and sellers. This means that we must wait until the end of 2025 to see the impact of halving.
The analyst added that the essence of the S2F model is scarcity driven prices, and each halving is an important event. The issuance of BTC will significantly decrease, making assets more scarce.
Will prices increase significantly after halving?
The last time Bitcoin halved occurred in May 2020, when the global financial and economic systems were in a state of closure. 18 months later, in November 2021, BTC reached a peak of approximately $69000. According to PlanB, this is a pattern that has been around for many years, not just random guesses.
Similarly, other important figures in the cryptocurrency field believe that halving will have a significant impact on the price of Bitcoin. Zhao Changpeng (CZ), CEO of Coin An, is in this situation - according toCryptoPotatoAccording to the report, CZ stated that BTC achieved multiple ATHs after halving by one year, rather than what is commonly believed to be overnight.
The current trading price of Bitcoin is $34300, which is widely traded between $32000 and $34000. The rumors and news surrounding the speculation of spot ETFs have driven prices up. We will wait and see if the price exceeded $34000 in November this year or if it will consolidate for a longer period of time.
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