CryptoCon, a cryptocurrency analyst, predicts that based on the previous halving situation, Bitcoin (BTC) should break through the sideways trend around November.Their paper suggests that Bitcoin has already risen before the previous halving, indicating lucrative investment opportunities before the end of 2024
- CryptoCon, a cryptocurrency analyst, predicts that based on the previous halving situation, Bitcoin (BTC) should break through the sideways trend around November.
- Their paper suggests that Bitcoin has already risen before the previous halving, indicating lucrative investment opportunities before the end of 2024.
- BeInCrypto earlier collected analysts' opinions on maximizing cryptocurrency investment returns before and after the BTC spring halving in 2024.
CryptoCon analysts believe that cryptocurrency investors should review their behavior before the halving of Bitcoin (BTC) to understand how to invest in the current market. Based on the previous halving cycle, analysts expect investors to receive the best Bitcoin investment return by the end of November.
CryptoCon's paper is based on analyzing the patterns between Bitcoin halving events, which reduce the number of Bitcoins awarded to successful miners. The following figure shows four curves that track Bitcoin performance during the halving event.
Study the previous halving to find clues to Bitcoin prices
The orange line depicts the BTC performance from the launch of the Bitcoin network to the first halving on November 28, 2012. The pink line covers the performance during the halving period from November 28, 2012 to July 2016.
The blue line depicts the performance of BTC during the second and third halving periods on May 11, 2020, while the green line records the performance of Bitcoin thereafter.
Analysts predict a breakthrough in November
Looking back, the next Bitcoin halving will occur in the spring of 2024. The chart shows that the price of Bitcoin follows a cyclical pattern between halving.
Therefore, it can be assumed that the price of cryptocurrency will rise before the reduction of Bitcoin block rewards next spring. CryptoCon believes that if Bitcoin breaks through the long-term sideways trend around November 21, 2023, it may exhibit positive momentum.
Learn how to make money from halving Bitcoin by using BeInCrypto's expert opinion set on the basics of this event.
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