- Crypto analyst Lucien from COINOTAG uncovers a recurring 63-day cycle in Bitcoin’s price movements.
- Historical data points to significant price shifts at the end of each cycle.
- October 16th, the next cycle’s end, aligns with a critical review by the SEC on major SPOT Bitcoin ETFs.
The mysterious 63-day cycle in Bitcoin’s price movement could predict significant shifts, and the next cycle culminates on a key regulatory decision date.
Discovering the 63-Day Pattern
Lucien, an analyst from COINOTAG, recently highlighted a curious pattern in the BTCUSD weekly chart: a 63-day cycle, or 9 consecutive 7-day candles, after which Bitcoin tends to make a significant move. This pattern became evident when Bitcoin dipped from $21070 to $16310 on November 7, 2022, and then made its first upward move exactly 63 days later.
Historical Impacts of the Cycle
On January 2, 2023, a major rise began, pushing the prices from $16552 to $25270. Exactly 63 days later, Bitcoin faced a major sell-off, but it managed to recover most of its losses, showcasing the influence of this cycle once again. Similar patterns repeated on April 10, 2023, and June 12, 2023, with significant price moves at the end of the 63-day period.
Upcoming 63-Day Culmination: Why October 16th is Critical
The ongoing cycle, which started on August 14, is set to end on October 16th. What’s noteworthy is that this date coincides with the SEC’s scheduled second review of SPOT Bitcoin ETFs from major financial entities like Bitwise, Blackrock, and VanEck. Given the previous price action patterns, Bitcoin is poised for a major move on this day.
Conclusion
The 63-day cycle, as highlighted by Lucien, has been a consistent predictor of major price moves in Bitcoin. As we approach October 16th, investors and traders should be on the lookout. Whether the outcome is bullish or bearish, one thing is certain: with the SEC’s review and the culmination of this cycle, the crypto world should brace for significant volatility.
