Bitcoin Expected to Experience Breakout in Late September, Predicts Crypto Analyst – Find Out Why
An influential analyst is predicting a potential breakout for Bitcoin (BTC) later this month, drawing on historical trends for insight. Rekt Capital, a pseudonymous analyst with a substantial following on the social media platform X, has shared observations indicating that Bitcoin’s price trajectory may see a bullish turn towards the end of September, linked to the cycle surrounding the Bitcoin halving event – a point in time when miners’ rewards are halved.
Rekt Capital’s analysis highlights that historically, Bitcoin has tended to consolidate for approximately five months during the middle of its cycle before embarking on the next upward movement. Looking back at past patterns, the data suggests that Bitcoin typically experiences a breakout approximately 150-160 days following the Halving. Therefore, based on this historical context, the projection is for Bitcoin to break out of its re-accumulation phase towards the end of September 2024.
However, it’s worth noting that September has historically shown average monthly returns of -4.48%, with the highest positive movement being just +6%. In contrast, October has seen average monthly returns of +22.9%. Considering these trends, the analyst speculates that Bitcoin may undergo further consolidation beyond late September in order to set the stage for a potential breakout in October, a historically strong month for the cryptocurrency.
Looking ahead, the trader has previously suggested that the peak of the current bull market cycle could materialize around September 2025. Drawing parallels to previous cycles, the analyst points out that it typically takes Bitcoin around 518-546 days post-halving to reach its peak in a bull market. For instance, in the 2020 and 2021 cycles, it took 546 days, while the 2016-2017 cycle saw a peak in 518 days post-halving.
As of the latest update, Bitcoin is trading at $57,730, reflecting a decrease of over 2% in the past 24 hours. These fluctuations in price are closely monitored by traders and investors seeking to capitalize on potential market movements.
In conclusion, the cryptocurrency market continues to be influenced by historical patterns and market dynamics, with analysts like Rekt Capital providing valuable insights into potential future trends for Bitcoin. As the market evolves, investors remain vigilant and adaptable to capitalize on emerging opportunities and navigate the inherent volatility of the crypto space.
