Analyst Predicts Massive Bitcoin Rally in October – Will BTC Skyrocket?
Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
Bitcoin (BTC), the world’s leading cryptocurrency, continues its upward momentum, staying well-supported around the $60,000 mark and reaching an intra-day high of $60,363. This rise has been fueled by a series of optimistic predictions from market analysts.
Additionally, Bitcoin’s price could see a notable increase, thanks to its historical performance following halving events. In previous cycles, BTC has surged out of its consolidation phase roughly 150 to 160 days after halving, suggesting a potential breakout by late September 2024.
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History suggests that Bitcoin tends to breakout 150-160 days after the Halving
That would mean Bitcoin would breakout from its ReAccumulation Range in late September 2024
That being said, Average Historical Monthly Returns for September are -4.48%, with highest ever… pic.twitter.com/EnEsc8M8O8
While September is traditionally a weak month for Bitcoin, with average returns of -4.48%, October has historically been much more favorable, delivering an impressive +22.9% on average. This trend makes a breakout in October highly likely, driving further bullish momentum for BTC.
On the positive side, Bitcoin (BTC) is showing strong potential for a significant rally, according to insights from TechDev, a prominent crypto analyst. He suggests that Bitcoin is mirroring its 2016 cycle, which saw the cryptocurrency rise from $300 to $20,000.
According to TechDev, Bitcoin has completed its ABC correction phase, a key technical pattern indicating the end of a downtrend. Additionally, Bitcoin’s Relative
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