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Bitcoin‘s price traded at its highest level of the year during the morning session in Asia today (Wednesday). Following this, analysts predict a possible new all-time high (ATH) level. According to one theory, a critical date in Bitcoin’s market cycle has passed. On November 29, Bitcoin’s price reached $38,350, the highest level in the 18 months since May 2022.
Is the November Bitcoin Cycle Pivot Point a Key Factor?
In a statement made on November 28, Bitcoin analyst CryptoCon declared today to be the most important day of the year for Bitcoin. According to the analyst, all past cycles point to November 28, 2012, the date of Bitcoin’s first halving.
In the chart, each Bitcoin market cycle is divided into four years of accumulation (green), fair value and preparation (blue), bull market and new peak (red), and bear market (orange). Studies using these cycle stages show that each one was observed approximately 21 days before or after November 28.
According to the analyst, the green accumulation period is coming to an end, with the blue phase expected next. The analyst predicts that during this ‘blue period,’ the price will most often trade around $34,500.
The analyst also emphasized an early peak occurring within a 21-day period around July 9, 2024, followed by the highest level ever at the end of November next year.
No initial crossover provided less than a 34% gain before reaching the peak. Ignore the momentum at your own risk.
Meanwhile, analyst “Captain Faibik” predicts a breakout will happen, noting that “BTC‘s $38,000 resistance is weakening and stated the following:
I expect an upward breakout of the ascending triangle soon. If successful, Bitcoin could potentially touch $41,000 in December.
BTC Price Outlook
Bitcoin prices saw a 2.8% increase during the day and are trading at $37,961 at the time of writing. Moreover, BTC experienced a slight decline today but previously reached $38,350, the highest level in 2023.
When examining market momentum, the current outlook for Bitcoin, which has increased by 11% over the past month and 130% since the beginning of the year, looks positive. The price movements have pushed Bitcoin’s market value just below its highest level in 2023, $1.5 trillion.
- Bitcoin’s recent high marks a potential shift.
- Analysts discuss key dates and cycle stages.
- Price predictions suggest an upward trajectory.
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