Bitcoin Bottom in Sight? Technicals and Lunar Cycles Point to November Reversal

Bitcoin traders are looking toward mid-November for a potential local bottom, driven by technical analysis suggesting the 50-day Simple Moving Average (SMA) will cross below the 200-day SMA near $100,000, a pattern historically marking local lows. This expected 'death cross' is not typically associated with long-term downturns, with historical data showing only a minor average price change afterward. Key support is identified around $98,000, aligning with the 50-week SMA, which Bitcoin has held since Q1 2023.

Conversely, the weekly chart shows a bearish rising wedge formation, which in past cycles led to 15% to 35% dips. However, the overall bull market structure remains intact, characterized by higher lows and highs since 2022, with some analysts targeting $170,000 or higher. Furthermore, some traders are incorporating lunar cycle analysis, noting that First Quarter moons often precede rallies extending into later phases, aligning the October 29 First Quarter moon with a potential mid-November bullish turn.

The convergence of these technical signals and lunar timing makes mid-November a critical period. Analysts advise patience during the current consolidation between $105,000 and $110,000, emphasizing that holding above the 50-week SMA is crucial for the continuation of the bull run.

(Source：BeInCrypto)