Hello everyone, I am Mumu. I have been following the news recently. The events in Pakistan and Israel have caused turmoil in the entire market. Bitcoin (BTC) has shown extraordinary resilience and stabilized at the key support level of $27,300.
According to reports from Cointelegraph, as well as observations and analysis by Miles Deutscher, Bitcoin’s price performance appears to be in line with historical pre-halving event cycles. This similarity could mean that Bitcoin could remain stable leading up to the 2024 halving event and experience significant price gains after the event.
Citing a chart from CryptoCon, crypto analyst Miles Deutscher noted that Bitcoin’s recent moves are similar to previous cycles. He added that historically, November 21 has always been a key turning point for Bitcoin’s price to begin to rise as it heads toward its next halving.
“Mags,” who calls himself a crypto trader and technical analyst, made a similar observation, noting that Bitcoin is currently about 200 days away from its scheduled halving and is down 60% from its all-time high, similar to 2015 and 2019.
Galaxy Trading added that a similar cycle could see a “sell-off” or bottom in Bitcoin between November 10 and 15. The Bitcoin halving is about six months away, and most analysts and observers generally believe that the next major bull run will come a year after the Bitcoin halving.
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