Miles Deutscher, a Blockchain and DeFi expert, studied how the price of Bitcoin (BTC) performed in its second and third cycles throughout the most recent prehalving months. He advises Bitcoin users to focus on one day in light of these discoveries.
All eyes on Nov. 21
The price of Bitcoin (BTC), the largest cryptocurrency, is still following its most recent two cycles despite a modified legal and macroeconomic environment. According to expert Miles Deutscher on X, this wan and jerky activity is generally referred to as “sideways” performance.
https://x.com/milesdeutscher/status/1711540152357847254?s=20
In years prior to halves (such as 2016, 2020, and the approaching halving of 2024), this period is often correlated with Q2, Q3, and Q4 of the year. As Deutscher illustrated on the chart, Bitcoin’s (BTC) historical patterns have thus far been consistent.
In light of prior BTC performance, Deutscher said that we should be ready for the strong price movement in the last days of November:
In the past, the 21st of November has served as the crucial turning point for a bullish change. Interesting to watch how the $BTC reacts.
Miles Deutscher predicted a “choppy” Q4 for the biggest cryptocurrency amid regulatory antipathy and macroeconomic uncertainties, as previously reported by U.Today.
November, December typically painful for Bitcoin (BTC)
On March 28, 2024, the fourth Bitcoin (BTC) halving is scheduled to take place. Starting in March of next year, the rewards for Bitcoin (BTC) miners will be cut in half, with just 3,25 Bitcoin (BTC) being awarded every block.
As previously reported by U.Today, Binance CEO Changpeng Zhao emphasised that there is no official connection between Bitcoin (BTC) price fluctuations and the halving of the first cryptocurrency.
The monthly performance of Bitcoin (BTC) does, however, seem to repeat itself over time. Based on past occurrences, Bitcoin (BTC) will only be able to conclude November and December in the black once between 2018 and 2023. In contrast, October has historically been positive for Bitcoin (BTC) 9 times out of the last 11 years.
According to Coinglass statistics, Bitcoin (BTC) was able to end “UpTober” seven times with double-digit monthly increases.
