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Bitcoin (BTC) Soars to 2023 High: How the Halving Cycle Impacts Price and Where to Next

3 mins
Updated by Ryan James
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In Brief

  • Bitcoin hit a 2023 high of $38,350 in the Asian trading session, marking its highest level since May 2022.
  • Analyst CryptoCon theorizes Bitcoin's market cycles pivot around the first BTC halving date, November 28, 2012.
  • Bitcoin's momentum is on the rise, with an 11% increase over the past month and 130% since the start of the year.
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The Bitcoin price reached its highest level in 2023 during the Wednesday morning Asian trading session. Moreover, a critical date in Bitcoin’s market cycle has just passed according to one theory as analysts predict the next all-time high.

On November 29, BTC prices tapped $38,350, their highest level since early May 2022 more than 18 months ago.  

Bitcoin November Cycle Pivot Point – A Key Factor?

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, November 28, 2012. 

The four years of each Bitcoin market cycle have been divided into accumulation (green), fair value and preparation establishment (blue), bull market and new peak (red), and bear market (orange).

Using these cycle phases, each one so far has pivoted around 21 days before or after November 28.

The green accumulation period is now over, and the blue phase has begun, said the analyst. 

Bitcoin halving cycles theory
Bitcoin halving cycles theory. Source: X

The analyst predicted that in this ‘blue year,’ “price will spend most of its time around the median $34,500.”

Ha also predicted an early top +/- 21 days from July 9, 2024, and a new all-time high around the end of November next year. 

Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

Fellow analyst “Mr. Anderson” observed that Bitcoin has crossed above 75 on the weekly RSI fourteen times, with the 15 just occurring.

“No initial crosses saw less than an additional 34% gain before topping,” he said before adding, “Ignore momentum at your own peril!”

Meanwhile, analyst “Captain Faibik” predicted that a breakout would occur. “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.”

BTC ascending triangle pattern. Source: X/@CryptoFaibik
BTC ascending triangle pattern. Source: X/@CryptoFaibik

BTC Price Outlook

Bitcoin prices are up 2.8% on the day, trading at $37,961 at the time of writing. Moreover, the asset hit a 2023 high of $38,350 a few hours ago before cooling slightly.

BTC/USD 24 hours.
BTC/USD 24 hours. Source: BeInCrypto 

Momentum is currently with the king of crypto which is up 11% over the past month and 130% since the beginning of this year. 

Bitcoin’s gains have also pushed total crypto market cap back to its 2023 high of just below $1.5 trillion.

As a result, the majority of altcoins are also getting a lift with Ethereum gaining 2.5%, Solana surging 7.7%, and Dogecoin making 4.6% on the day. Additionally, Chainlink and Avalanche are both up more than 5% on the day. 

Top crypto platforms in the US | March 2024

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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