There have been different ways that market analysts have tried to predict the direction that the Bitcoin price could be headed next. Many have turned to technical analysis, reading chart formations and patterns in a bid to pinpoint the next move. Others turn to market sentiment, using social commentary in a bid to determine what might happen next. However, one lesser-known route some analysts have taken is astrology, which is a study of how the movement of celestial bodies affects human behaviour, and ultimately, the Bitcoin and crypto market.
Using The Moon Cycles To Predict Bitcoin Movements
Crypto analyst Draz is one of the few who use astrology to actually analyze the market and what could happen in relation to the position of the moon. In an X post, the analyst clearly outlined how the moon cycles have been affecting the Bitcoin price, and thus, how the upcoming cycles could play out for the price.
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Draz explained that the dark phase of the moon, which had occurred back on October 13, had actually pointed to choppy price action for Bitcoin. This comes days after the October 10 liquidation event that saw over $19 billion in losses in a single day. Nevertheless, this choppy price action is expected to still be slightly bullish as it continues to play out.
After the Bitcoin price bounced from its $102,000 liquidation lows, Draz also explains that there was an energy drain, coinciding with the last quarter moon. This also follows the previously established trend of the Bitcoin price falling during dark moon periods, with four out of the last five dark moon periods leading to a decline in price.
However, there is also a silver lining with this with the advent of the new moon that began on October 21. The new moon has sometimes ushered in price reversals, leading to an uptick in price, but nothing substantial yet. Rather, all eyes now are on October 29, when the real move could begin.
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This is because October 29 is when the next First Quarter moon is supposed to appear. This is the precursor to the next bright moon, and these have historically been bullish for price. This will lead into the month of November, where the bulls could really take over.
Crypto analyst Draz believes that the month of November could lead to fireworks for the Bitcoin price. Looking at the shared chart, the analyst shows a possible move up to the $138,000 territory, leading into the Last Quarter Moon on November 11. If this holds, then the Bitcoin price could be less than a week away from reversing into another bull rally.
Featured image from Dall.E, chart from TradingView.com
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