Market analysts have tried a variety of methods to try to predict the direction Bitcoin's price might go next. Many people turn to technical analysis to read chart formations and patterns to identify the next move. Some use social commentary to look at market sentiment to determine what happens next. However, there is one route that is less well known. Some analysts embrace astrologyThis is a study of how the movements of celestial bodies affect human behavior and ultimately the Bitcoin and cryptocurrency markets.
Predicting Bitcoin movements using the lunar cycle
Cryptocurrency analyst Draz is one of the few people who actually uses astrology to analyze the market and what happens in relation to the position of the moon. In X's post, the analyst clearly outlined how the lunar cycle is affecting Bitcoin price, and how future cycles could affect the price.
Draz explained that the lunar phase that occurred on October 13th was actually indicative of Bitcoin's volatile price movement. This happened just days after the October 10 liquidation event, which resulted in losses of more than $19 billion in one day. Nevertheless, this volatile price trend is still expected to be slightly bullish as developments continue.
Draz also explains that after Bitcoin prices rebounded from a liquidation low of $102,000, there was an energy depletion that coincided with the waning moon. This also follows the previously established trend of Bitcoin prices falling during dark moon periods, with four out of the last five dark moon periods leading to price declines.
However, with the arrival of the new moon that began on October 21st, there are signs of hope. New moons have sometimes caused price reversals, leading to price increases, but nothing substantial yet. Rather, all eyes are now on October 29th, when the real action begins.
This is because October 29th is the day when the next waxing moon appears. This portends another bright month and these prices have been historically bullish. This could lead into November, where the bulls could really take control.
Cryptocurrency analyst Draz believes November could lead to a rise in Bitcoin prices. Looking at the shared chart, analysts are indicating a potential rally to the $138,000 region heading into the waning month of November 11th. If this holds, Bitcoin prices could turn bullish again within a week.
Featured image from Dall.E, chart from TradingView.com
