The Bitcoin and cryptocurrency markets are highly cyclical, and there has been a pattern that repeats every cycle so far.The bull market occurred after the halving event, but there was a significant correction in the period before the halving (i
The Bitcoin and cryptocurrency markets are highly cyclical, and there has been a pattern that repeats every cycle so far.
The bull market occurred after the halving event, but there was a significant correction in the period before the halving (i.e. now).
There are about six months left until the next Bitcoin halving in April or May next year, and analysts are looking for signals from previous cycles.
Bitcoin Half Cycle Repeat
On October 13th, cryptocurrency traders and analysts "RektCapital" issued a rather pessimistic reminder of what happened at the same time point in the previous cycle.
There are less than 190 days left before the event, which can help us understand the price trend for the rest of the year.
In 2015, BTC prices retreated by 25% in the six months before halving in 2016.
In addition, BTC prices plummeted by 38% at the end of 2019, about six months before halving in 2020.
A similar pullback before halving may cause BTC prices to plummet to the level of $20000.
In addition, some analysts have recently endorsed the idea of selling in November.
Earlier this week, technical analyst "CryptoCon" compared market cycles before the halving.
The past two transactions had similar six month sideways trading periods before the end of the year.
In 2023, the cryptocurrency market has been sideways for the past seven months.
However, prices fell back to a low point in November, becoming the fulcrum of the next bull market.
He said,
We are still waiting for the perfect arrangement of these cycles on November 21st
Will history repeat itself?
Cryptocurrency traders and analysts "Mags" have also made similar observations, pointing out how much BTC has fallen from its peak in the six months before the halving.
In 2015, BTC was 65% lower than its historical peak at this time in the cycle.
In 2019, BTC was approximately 60% lower than its historical high, and by 2023, BTC is currently 61% lower than its historical high.
As of now, the current trading price of the asset is $26789, however, it has fallen by about 4% since the weekend.
There is solid support for $26000, which has been a month since mid August, so this may be its next move.
If this cycle is destined to repeat, it may quickly decline even lower this time.
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