Will November be a pivotal month for the Bitcoin market?
Long story short
PlanB stressed that November is a key accumulation period for Bitcoin before the halving in April 2024, and stressed that the 6 months before the halving and the 18 months after the halving are crucial to market dynamics. He believes that the scarcity brought by each halving will drive the price of Bitcoin.
Past Bitcoin halvings have usually been accompanied by price surges, with Bitcoin reaching its peak about 18 months after the halving. Currently, affected by the news of the spot ETF, the price of Bitcoin is consolidating around $34,300.
Pseudonymous cryptocurrency analyst PlanB recently shared his insights on the current state of Bitcoin, saying that November will be a key accumulation period for BTC bulls ahead of the April 2024 halving.
PlanB said that the six months before the halving and the year and a half after the halving are critical windows of opportunity for both buyers and sellers. This means that we have to wait until the end of 2025 to see the impact of the halving.
The analyst added that the essence of the S2F model is that scarcity drives price, and each halving is a significant event where the issuance of BTC is significantly reduced, making the asset more scarce.
Will prices rise sharply after halving?
The most recent Bitcoin halving took place in May 2020, a year during which the global financial and economic systems were shut down. Eighteen months later, in November 2021, BTC peaked at around $69,000. According to PlanB, this is a pattern over the years and not just random guesswork.
Likewise, other important figures in the cryptocurrency space believe that the halving will have a significant impact on Bitcoin’s price. This is the case with Binance CEO Changpeng Zhao (CZ) — who, as reported by CryptoPotato, said that BTC achieved multiple ATHs a year after the halving, and not overnight as is often believed.
Bitcoin is currently trading at $34,300, consolidating broadly between $32,000 and $34,000. Rumors and news surrounding the spot ETF hype have driven the price higher. We will have to wait and see if the price breaks above $34,000 this November or consolidates for a longer period of time.
