Amid economic uncertainty in the United States, Bitcoin (BTC) has emerged as a pillar of stability, surging to an intra-day high of $28,516. This surge is significant, especially considering the prevailing macroeconomic challenges in the US, which have been casting a shadow on investor sentiment. Notably, this surge aligns with a historical pattern observed in Bitcoin’s price movements.

November is Historically Bad for Bitcoin

Historically, around the 17-19 month mark of a bear Market, Bitcoin tends to reach the 50% retracement level of its previous bear market. In this case, that level is approximately $42,000, calculated from Bitcoin’s bear market low of $3,850. This pattern provides a potential price target for Bitcoin in its ongoing cycle, offering valuable insights for traders and investors.

Meanwhile, renowned crypto analyst Michaël van de Poppe, with a substantial following on Twitter, offered an encouraging perspective on altcoins. He noted that while the bear market has been trying for altcoin holders, there is light at the end of the tunnel. According to him, altcoins are currently in the final phase of the bear cycle, and though it may feel painful, it signifies a turning point. 

In his analysis, Bitcoin has been the primary cryptocurrency, displaying noteworthy price movements recently. Nevertheless, analysts pointed out that altcoins like Chainlink and Solana have already started their upward trajectory regarding Bitcoin value. On the flip side, Ethereum faces challenges due to unmet expectations surrounding the ETH ETF Futures launch.

Significant events are on the horizon, potentially reshaping the crypto landscape. Van de Poppe emphasizes that this bear market for altcoins has been notably prolonged, spanning approximately 29 months. The Bitcoin halving and the potential introduction of a spot ETF are pivotal factors. Plus, he anticipates that geopolitical turbulence, which has already driven up the value of Gold, could further bolster Bitcoin’s position. 

It is Time to Downplay, See the Wave, And Dive In

“If you ask on the streets, people will not be saying that crypto is massive. That will happen in a year or a few years, time again. Right now, people assume that we’ll be going down with the markets massively again, just like we’ve been seeing in 2019. Technically, N=1,” he reasoned.

While sentiment on the streets might not currently echo the magnitude of crypto’s impact, van de Poppe believes a shift is on the horizon. He suggests that people’s perception of the crypto market will likely transform in the coming years, potentially mirroring the developments observed in 2015/2016. This period saw a slow but consistent upward trajectory leading up to the Bitcoin halving, marking a turning point for altcoins. Bitcoin is currently at $ 28,280.86, down by -0.74% in the last 24 hours.