IN SHORT
Based on previous halvings, crypto analyst CryptoCon predicts that Bitcoin (BTC) should come out of its downtrend in November.
According to him, the Bitcoin price tends to take off before halving events, which suggests a bull market before 2024.
Thus, investors who follow a good strategy should generate significant gains in November.
According to the CryptoCon analyst, the Bitcoin (BTC) price is expected to explode as early as November, well before halving. Similarly, the analyst calls on investors to carefully study the historical data of the asset before making their investment decisions.
To make this prediction, CryptoCon relied on an in-depth analysis of Bitcoin's historical data before and after halving. To illustrate this data, the analyst used a four-line chart that represent the different Bitcoin halving cycles. Bitcoin halving cycles, an essential prediction tool
The orange line represents BTC's performance from the launch of the Bitcoin network to the first halving that took place on November 28, 2012. The pink line represents the period between November 28, 2012 and the July 2016 halving.
Finally, the blue line represents the performance of Bitcoin between July 2016 and the third halving that took place on May 11, 2020, while the green line represents the performance of the May 2020 asset so far.
November, the month of the bull market?
As a reminder, the next Bitcoin halving will take place in the spring of 2024. Historical data shows that the BTC price follows a cyclical trend between halving events.Therefore, it can be assumed that the asset price will increase before the next halving. According to CryptoCon, Bitcoin could show a positive dynamic as early as November 21, 2023, provided it moves out of the bearish pattern in which it has been operating for several weeks.
In any case, investors who wish to take advantage of the next halving must follow a well-crafted strategy.
Moral of the story: Some predictions make us dream, but they must be taken with tweezers.