Will the Bitcoin (BTC) Price Rally Continue in November? – Crypto News – Crypto News
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Will the Bitcoin (BTC) Price Rally Continue in November? Will the Bitcoin (BTC) Price Rally Continue in November?

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Will the Bitcoin (BTC) Price Rally Continue in November? – Crypto News

Published

2 years ago

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TL;DR

  • PlanB highlights November as a key accumulation period for Bitcoin before the April 2024 halving, emphasizing that the six months leading up to and 18 months post-halving are significant for market dynamics. He believes that the scarcity resulting from each halving drives Bitcoin’s price.
  • Past Bitcoin halvings have typically been followed by price surges, with BTC reaching its peak around 18 months post-halving. Currently, Bitcoin’s price is consolidating around $34,300, influenced by spot ETF news.

Pseudonymous crypto analyst PlanB recently shared his insights on the current state of Bitcoin, stating that November will be a crucial accumulation period for BTC bulls before the halving takes place in April 2024.

According to PlanB, the six months prior to the halving and the year-and-a-half period after the halving are crucial windows of opportunity for buyers and sellers. That means we’ll have to wait until late 2025 to see the effects of the halvings.

The analyst added that the essence of the S2F model is that scarcity drives price and each halving is an important event that sees a major reduction in the issuance of BTC, making the asset scarcer.

Will the Halving See a Major Price Increase?

The latest BTC halving took place in May 2020, a year in which the entire global financial and economic system was shut down. 18 months later, in November 2021, BTC peaked at approximately $69k. According to PlanB, this has been the pattern through the years and not just random speculation.

Similarly, other important figures in the cryptocurrency space believe the halving will have a significant effect on BTC’s price. Such is the case with Binance’s CEO Changpeng Zhao (CZ) —As CryptoPotato reported, CZ suggested that BTC achieves multiple ATHs a year after the halving, not overnight as people frequently think.

Bitcoin is currently trading at $34,300, heavily consolidated in the ranges between $32k and $34k. The price increase was led by the rumors and news surrounding the spot ETF hype. We’ll have to wait and see if this November, the price breaks out above $34k or consolidates for a longer period.

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