A Bitcoin breakout could be days away, says analyst Rekt Capital, with historical data pointing to major price gains following BTC’s halving cycles.
Bitcoin could be on the verge of a major breakout, with historical patterns suggesting that the cryptocurrency is entering a critical phase. According to pseudonymous analyst Rekt Capital, Bitcoin’s reaccumulation phase may end, with a surge expected within the next few days.
In a post on X (formerly Twitter) on Sept. 24, the analyst pointed out that Bitcoin typically breaks out of its accumulation range around 154 to 161 days after its halving event. With the latest halving occurring on April 20, 2024—157 days ago—the breakout could happen imminently if history repeats itself.
Key Points:
Historical Halving Patterns: Bitcoin historically breaks out of its accumulation range between 154 to 161 days after a halving event. With the 2024 halving 157 days ago, a breakout could be days away.
September’s Unusual Performance: While September is typically bearish for Bitcoin, this month has bucked the trend, posting a 9% gain—its highest-ever return for the month.
Q4 Outlook: Historically, October has been a strong month for Bitcoin, with the majority of Q4s showing positive returns. Notable bull markets occurred in October 2017 and 2021 with gains of 48% and 40%, respectively.
Key Resistance Level: Bitcoin would need to break its previous all-time high of $73,738 to enter a new price discovery range. BTC is currently 14.6% away from that level.
As Bitcoin hovers near its historical accumulation breakout range, traders are watching closely for a potential surge. With bullish signals in play and historical patterns aligning, the cryptocurrency market could be poised for significant gains in the coming days and weeks. If Bitcoin breaks its previous peak, a new all-time high may be on the horizon, setting the stage for a strong Q4 performance.
Source: Cointelegraph
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