There have been several ways that market analysts have tried to predict the direction in which the Bitcoin price could go next. Many have turned to technical analysis, reading chart formations and patterns in an attempt to determine the next move. Others turn to market sentiment and use social commentary to determine what might happen next. However, there is a lesser known route Some analysts have adopted astrologyan investigation into how the movement of celestial bodies affects human behavior, and ultimately the Bitcoin and crypto market.
Using the Moon Cycles to Predict Bitcoin Movements
Crypto analyst Draz is one of the few who actually uses astrology analyze the market and what could happen regarding the position of the moon. In an
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Draz explained that the dark phase of the moon, which had occurred on October 13, had actually indicated choppy price action for Bitcoin. This comes days after the October 10 liquidation, which saw more than $19 billion in losses in one day. Nevertheless, this choppy price action is still expected to be somewhat bullish as it continues to play out.
After the Bitcoin price reached the liquidation low of $102,000, Draz also explains that there was an energy drain, which coincided with the last quarter. This also follows the previously established trend of Bitcoin price falling during dark moon periods, with four of the last five dark moon periods occurring causing the price to drop.
However, there is also a bright spot: the arrival of the new moon, which began on October 21. The new moon has sometimes heralded price reversals, leading to a price increase, but nothing substantial yet. Instead, all eyes are now on October 29, when the real move could begin.
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This is because the next first quarter moon should appear on October 29. This is the precursor to the next bright moon, and these are historically bullish in terms of price. This will lead into the month of November where the bulls could really take over.
Crypto analyst Draz thinks that the month of November could lead to fireworks for the Bitcoin price. Looking at the shared chart, the analyst shows a possible rise to the $138,000 area leading into the Last Quarter Moon on November 11th. If this continues, Bitcoin price could be less than a week away reversing in another bull rally.
Featured image of Dall.E, chart from TradingView.com