Why November 28th is a Crucial Date for Bitcoin’s Price
November 28th is a highly anticipated date for Bitcoin investors and enthusiasts. According to a technical analyst known as “CryptoCon,” this date holds significant importance in the Bitcoin halving market cycle theory. The theory suggests that the first two halvings, which occurred on November 28th, 2012, and July 9th, 2016, serve as milestones within a larger four-year cycle.
The Bitcoin Halving Cycle Theory
Based on the halvings, the theory proposes that each four-year cycle can be divided into different phases. These include the accumulation phase, fair value and preparation establishment phase, bull market and new peak phase, and bear market phase. Notably, each cycle seems to revolve around 21 days before or after November 28th, marking the bottom of the cycle.
Using this theory, future predictions can be made regarding Bitcoin’s price. The analyst suggests that the next cycle will reach its early peak around 21 days before or after July 9, 2024. Similarly, the following cycle is expected to reach its peak around 21 days before or after November 28, 2025.
Currently, Bitcoin is believed to be in the cooling bear market phase, indicating a period of consolidation and potential price stabilization.
Alternative Theories on Bitcoin Market Cycles
While the halving cycle theory has gained attention, some critics argue that Bitcoin’s market cycles are merely coincidences and hold little correlation with halvings. Instead, they propose that market cycles are more closely related to fluctuations in the global M2 money supply.
According to industry observer “Pledditor,” the global M2 money supply has been exhibiting its own “4-year cycles.” These cycles have had an impact on various risk assets, including Bitcoin. M2 money supply refers to a broad measure of the global money supply, including cash, currency, and bank and money market mutual fund deposits.
Bitcoin Price Outlook
As of the time of writing, Bitcoin has experienced a slight increase in price, with a 1.8% gain over the past 24 hours. The cryptocurrency is currently trading at $26,221, consolidating around the $26K zone.
Editor Notes: Uber Crypto News
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