Blockchain and DeFi analyst Miles Deutscher compared the performance of the Bitcoin (BTC) price in the last prehalving months in its second and third cycles. Based on these observations, he recommends Bitcoiners (BTC) pay attention to one date.
All eyes on Nov. 21
Despite a changed regulatory and macroeconomics context, the price of Bitcoin (BTC), the largest cryptocurrency, is still mirroring its latest two cycles. In general, this pale and choppy action can be referred to as "sideways" performance, analyst Miles Deutscher wrote on X.
This phase is typically associated with Q2, Q3, and Q4 in pre-halving years (2016, 2020 and the upcoming halving of 2024). So far, Bitcoin's (BTC) history repeats itself, as Deutscher demonstrated on the chart.
As such, in the last days of November, we should be prepared for the powerful price action based on previous BTC performance, Deutscher indicated:
November 21st has historically been the key pivot point for a bullish shift. Will be interesting to see how $BTC responds.
As covered by U.Today previously, Miles Deutscher foresaw a "choppy" Q4 for the largest cryptocurrency amid regulatory hostility and macroeconomic uncertainty.
November, December typically painful for Bitcoin (BTC)
The fourth Bitcoin (BTC) halving is set to happen on March 28, 2024. Rewards for Bitcoin (BTC) miners will be reduced by 50%: only 3,25 Bitcoin (BTC) per block will be distributed starting from next March.
As covered by U.Today previously, Binance CEO Changpeng Zhao stressed that there is no formal association between Bitcoin (BTC) halvings and the first crypto's price action.
However, Bitcoin's (BTC) monthly performance repeats itself in various years. Based on previous events, in 2018-2023, Bitcoin (BTC) only once managed to close November and December in the green. By contrast, October was bullish 9 times out of 11 years of Bitcoin's (BTC) history.
Seven times, Bitcoin (BTC) managed to close "UpTober" with double-digit monthly gains, Coinglass data says.
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