Is a Bitcoin Breakout Imminent? Analyst Points to Historical Patterns

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Cryptodnes2024/09/24 17:30

By:Cryptodnes

Analysts suggest that Bitcoin and the broader cryptocurrency markets might be on the verge of a significant breakout if past cycles hold true.

According to insights shared by Rekt Capital on September 24, Bitcoin has historically exited its reaccumulation phase between 154 and 161 days post-halving. Given that this cycle’s halving took place on April 20, it falls within that critical timeframe now.

#BTC

Historically, Bitcoin has broken out from its ReAccumulation Range 154-161 days after the Halving

It is 157 days after the Halving now

History suggests it is “Breakout Time” for Bitcoin $BTC #Crypto #Bitcoin https://t.co/Ydqlu4JKSf pic.twitter.com/CwRvUYnHW0

— Rekt Capital (@rektcapital) September 23, 2024

In prior cycles, Bitcoin broke free from its accumulation phase just 154 days after the 2016 halving and 161 days following the 2020 event. Rekt Capital pointed out that, while historical patterns aren’t guaranteed to repeat precisely, this could indicate an imminent breakout for Bitcoin in the upcoming days.

The analyst also noted the general bearish trend for Bitcoin in September but highlighted that this month has shown unexpected strength, with Bitcoin climbing nearly 9%—the best September performance since 2016.

Could Bitcoin Hit $155,000 by Year-End? Here’s What Analysts Are Saying

Historically, October has also been a favorable month for Bitcoin, with nine out of the last eleven years seeing positive returns, including significant spikes in 2017 and 2021.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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