Bitcoin Set for Strong October Rally, Analyst Reveals Targets

A market analyst specializing in cryptocurrency, who accurately predicted the Bitcoin downturn earlier this year, is now suggesting that Bitcoin (BTC) may experience a positive turn in the upcoming weeks. The pseudonymous crypto strategist Rekt Capital, with a substantial following of 87,600 subscribers on YouTube, has highlighted the potential for Bitcoin to showcase bullish trends in October, drawing on historical data related to Bitcoin’s performance during halving periods.

Bitcoin underwent a halving event earlier this year, resulting in a reduction of BTC miner rewards. According to Rekt Capital, the outlook for October appears promising, with expectations of upward movements. The analyst stated, “We’re likely to witness an upswing in October, as historical patterns indicate a strong performance during this period.” This positive sentiment is underpinned by past trends in Bitcoin’s price behavior during halving years.

Discussing the potential price gains for Bitcoin in the coming month, the analyst projected a double-digit increase. Drawing parallels to previous halving years, where gains of 14% and 27% were recorded in 2016 and 2020, respectively, Rekt Capital suggested that a 14% increase could drive Bitcoin’s price to $67,500. Furthermore, a 27.5% surge, similar to that seen in 2020, could propel Bitcoin to new all-time highs, indicating the potential for significant growth.

Rekt Capital also alluded to the likelihood of Bitcoin entering a more substantial bullish phase in the near future. By examining historical data, the analyst pointed out that Bitcoin typically breaks out of its re-accumulation range approximately 160 days after a halving event. This timeline aligns with late September or early October, hinting at a possible onset of a parabolic phase if historical patterns repeat.

As of the current writing, Bitcoin is valued at $60,592, reflecting a 4.49% increase in the past day. The analyst’s positive outlook for Bitcoin’s performance in October is supported by historical trends and the anticipation of a potential bullish cycle in the near term. This analysis underscores the ongoing interest and speculation surrounding Bitcoin’s price movements and its potential for significant growth in the coming weeks.