The Impact of the Halving Cycle on Price and Future Directions
Bitcoin Hits 2023 High: Analysts Predict All-Time High
Bitcoin’s price reached its highest level in 2023 during the Wednesday morning Asian trading session. Furthermore, a crucial date in Bitcoin’s market cycle has just passed, and analysts are predicting the next all-time high.
Bitcoin November Cycle Pivot Point – A Key Factor?
On November 29, BTC prices reached $38,350, the highest level since early May 2022, over 18 months ago. This surge in price has triggered discussions among analysts about the future trajectory of Bitcoin’s market cycle.
On November 28, Bitcoin analyst CryptoCon declared that “Today is the most important day of the year for Bitcoin.” According to his theory, all cycles are centered around the date of the first BTC halving, which occurred on November 28, 2012. These cycles are divided into four phases: accumulation, fair value and preparation establishment, bull market and new peak, and bear market. Each of these phases pivots around 21 days before or after November 28.
CryptoCon stated that the green accumulation period has concluded, and the blue phase has now begun. He predicted that the price will spend most of its time around the median $34,500 during this year. Additionally, he forecasted an early top around July 9, 2024, and a new all-time high towards the end of November next year.
BTC Price Outlook
At the time of writing, Bitcoin prices are up 2.8% on the day, trading at $37,961, after hitting a 2023 high of $38,350 a few hours ago.
Fellow analyst “Mr. Anderson” observed that Bitcoin has crossed above 75 on the weekly RSI fourteen times, with the 15th just occurring. He added, “No initial crosses saw less than an additional 34% gain before topping,” and advised, “Ignore momentum at your own peril!”
Meanwhile, analyst “Captain Faibik” predicted that a breakout was imminent. “BTC $38K resistance is weakening,” he said before adding, “I’m anticipating the ascending triangle upside breakout soon. If the breakout is successful, Bitcoin could potentially touch $41K in December.”
Market Impact
Bitcoin’s gains have also pushed the total crypto market cap back to its 2023 high of just below $1.5 trillion. As a result, the majority of altcoins are also enjoying gains, with Ethereum up 2.5%, Solana surging 7.7%, and Dogecoin gaining 4.6% on the day. Additionally, Chainlink and Avalanche are both up more than 5% on the day.
Momentum is currently with the king of crypto, which is up 11% over the past month and 130% since the beginning of this year. This surge in Bitcoin’s price and market cap has sparked optimism among analysts and investors alike.
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