October, a month historically known for high prices, witnessed one of the most significant crashes in its history. Bitcoin (BTC) and various altcoins experienced a major downturn on October 11th. According to available data, Bitcoin concluded the month with a 3.6% decrease.
While expectations for November remain bullish, as it is also recognized as a historically favorable month for cryptocurrency prices, a new report has emerged from Morgan Stanley. This report offers a particular perspective on the current market conditions.
Morgan Stanley's Seasonal Analogy for Bitcoin
Morgan Stanley investment strategist Denny Galindo has drawn a parallel between Bitcoin's market cycle and the changing seasons. He posits that the cryptocurrency is now entering its "autumn" phase.
In their analysis, Morgan Stanley analysts, spearheaded by Denny Galindo, have recommended that investors consider taking profits. This advice comes in anticipation of a potential "winter" period for the market.
Galindo highlighted that historical data consistently demonstrates a pattern of "three ups and one down" within Bitcoin's price cycle. He further emphasized that a winter phase is likely on the horizon and urged investors to secure their profits in preparation for this anticipated crypto winter.
We are in autumn now.
Autumn is the harvest season, the time to take your profits. But the question is: How long will this autumn last? When will winter begin?
Expert Analysis on Market Trends
Adding to the perspective on market trends, Bitrue research analyst Andri Fauzan Adziima stated in a recent analysis that the recent declines "officially point to a technical bear market." This sentiment aligns with the cautious outlook presented by Morgan Stanley.