Crypto analysts claim that November is the best time to accumulate Bitcoin (BTC). Analyst Ben Armstrong argues that it would be reckless to wait for BTC at $10,000. The analyst states that not taking profit at the top and not buying at the bottom are two things people will regret.
Best timing to buy bitcoin!
Kyledoops, a crypto chart analyst, posted a 10-part Twitter thread explaining why November is the best time to accumulate Bitcoin (BTC) before the next bull cycle. Combining historical data, Kyledoops claims that buying BTC about a year before a Bitcoin halving always gives investors maximum opportunity before a major bull rally.
A Bitcoin halving means that the reward for mining BTC transactions is halved. It also means that it reduces the rate at which new cryptocurrencies enter circulation. Thus, as a result of halving, even if demand increases, the available new supply decreases. According to the analyst, every halving event is followed by a significant increase in Bitcoin price. The chart analyst states that the next Bitcoin halving will take place in 2024, about 1.5 years from now. That’s why he says that bottoming out Bitcoin right now provides maximum opportunity with sound risk management. In this context, the analyst begins his series as follows:
Observations of Cycle 1: Buying about 1 year before the halving event (marked by the orange vertical dashed line) provided maximum opportunity. (The green vertical dashed line) is when the first halving occurs and the price is parabolic. It took 52 weeks from Halving 1 to ATH.
4/10) Observations of Cycle 3
Exactly like previous cycle, buying 1.5 years before the halvening provided maximum opportunity
Covid black swan event changed the dynamics slightly & QE kicked in market V-shaped out into an immediate parabolic trend
78 weeks from halvening to ATH pic.twitter.com/xE8zlUgMor— Kyledoops (@kyledoops) November 25, 2022
“It is reckless to wait for BTC to the $10k price point”
Meanwhile, crypto phenom Ben Armstrong, creator of BitBoy Crypto, thinks it would be rather reckless to wait until the $10,000 price point. Armstrong tells the crypto community that it would be a good decision to invest in cryptocurrencies at the current low prices. Because he argues that being too obsessed with numbers causes people to miss out on big investment opportunities. He also concludes that not taking profits at the top and not accumulating crypto near the bottom are two things people will regret. The analyst begins his posts on his Twitter account in the following direction:
Bitcoin bottom is on the rope. In crypto, we are so obsessed with numbers… $100,000 BTC, $10,000 ETH, $1 DOGE, etc. But what matters more during Bitcoin cycles has been the time frame. I nailed the timing for the top in the 2021 bull run. Too far in price.
A 🧵 on the #Bitcoin bottom.
In crypto, we get so obsessed with numbers… $100k $BTC, $10k $ETH, $1 $DOGE, etc.
But what has been more important during the Bitcoin cycles has been the time frame. I nailed the timing for the top on 2021 bull run. Way off on price.
1/4
— Ben Armstrong (@Bitboy_Crypto) November 23, 2022
Bitcoin is currently trading at $16,500. Also, it has remained flat in the last 24 hours. cryptocoin.comEarlier this month, BTC hit $15,500, its yearly low after FTX’s bankruptcy.
