Analyst Says Bitcoin (BTC) Will Break out When This Happens

Analyst CryptoCon argues that crypto investors should review the pre-Bitcoin (BTC) halving behavior to understand how to invest in the current market. Based on previous halving cycles, the analyst expects investors will get the best Bitcoin investment returns at the end of November.

CryptoCon’s thesis is based on analyzing patterns between Bitcoin halving events that reduce the amount of Bitcoin awarded to successful miners. The graphic below shows four curves that track the performance of Bitcoin between halving events.

Studying Previous Halvings for Bitcoin Price Clues

The orange line depicts BTC performance from when the Bitcoin’network launched to the first halving on Nov. 28, 2012. The pink line covers the period between Nov. 28, 2012, and the July 2016 halving.

The blue line depicts BTC performance between the second and third halving on May 11, 2020, while the green line records Bitcoin’s performance since then.

Analyst Predicts Breakout in November

Recall the next Bitcoin halving will occur in the spring of 2024. The graphs show that the coin’s price follows a cyclical pattern between halvings.

Read more: What is Technical Analysis? Everything You Need to Know

Therefore, it can be assumed that the price of the cryptocurrency will increase before the reduction in Bitcoin block reward next spring. CryptoCon argues that Bitcoin could exhibit positive momentum if it breaks out of a prolonged sideways pattern around Nov. 21, 2023.

Learn how to make money from the Bitcoin halving by using BeInCrypto’s collection of expert opinions on the basics of the event. 

Read more: How To Buy Bitcoin Anonymously (Without ID)

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