According to one theory, Bitcoin cycles are at a pivot point.

In the year The price of Bitcoin reached its highest level in the Asian trading session on Wednesday morning of 2023. Additionally, a critical day in Bitcoin's market cycle has passed as a theory, with analysts predicting the next all-time high.

In the year On November 29, BTC prices hit $38,350, their highest level since early May 2022, 18 months ago.

Bitcoin November Cycle Pivot Point – Key Factor?

On November 28, Bitcoin analyst Cryptokon said, “Today is the most important day of the year for Bitcoin.”

According to his theory, all cycles are centered around the first BTC halving, November 28, 2012.

The four years of each bitcoin market cycle are divided into accumulation (green), fair value and setup (blue), bull market and new peak (red), and bear market (orange).

Using these cycle levels, each has moved so far about 21 days before or after November 28th.

The era of green stock is now over, and the blue phase has begun, the analyst said.

The analyst predicts that the price will spend most of its time averaging $34,500 this ‘blue year'.

Ha predicts an early high +/- 21 days from July 9, 2024 and a new all-time high around the end of November next year.

Read more: 7 must-have cryptocurrencies for your portfolio before the next bull run

Associate analyst “Mr. Anderson” has seen Bitcoin break above 75 on its weekly RSI fourteen times, 15 of which have just happened.

No first crosses saw less than a 34% return before they were added, he said, “Ignore the period at your peril!”

Meanwhile, the analyst “Captain Fibic” predicted a crash. “BTC $38K resistance is weakening,” he said before adding:

“I expect the upside triangle to be reversed soon. If the breakout succeeds, Bitcoin could touch $41k in December.

BTC Price Outlook

Bitcoin prices are up 2.8% on the day, trading at $37,961 at the time of writing. Moreover, the asset reached a high of $38,350 in 2023 a few hours ago before cooling off slightly.

Momentum is currently with the king of crypto which is up 11% from last month and up 130% earlier this year.

Bitcoin's gains have also pushed the total crypto market cap back to a 2023 peak of just under $1.5 trillion.

As a result, most altcoins are also rising, with Ethereum gaining 2.5%, Solana 7.7%, and Dogecoin gaining 4.6% on the day. Additionally, Chainlink and Avalanche are both up more than 5% on the day.