Bitcoin is on the rise again, and one analyst thinks it could be about to break its all-time high.
October Could Be a Big Month
Rekt Capital, a crypto analyst, is predicting a major price surge for Bitcoin in the coming weeks. He’s looking at historical patterns and sees a strong possibility of a breakout in October 2024.
What’s the Evidence?
Rekt Capital points to several key indicators:
- Channel Breakout: Bitcoin has been bouncing off the bottom of a downtrending channel, suggesting a potential move back up to the top.
- Weekly Candle Closes: A close above $67,500 would be a significant sign of bullish momentum.
- Halving Cycle: Bitcoin tends to have major rallies around 150-160 days after a halving event. We’re currently 133 days after the last halving.
- 21-Week EMA: This indicator is often seen as a bull market barometer. Bitcoin is currently hovering around this level, which could signal buying opportunities.
The Big Picture
For Bitcoin to reach new all-time highs, it needs to break through the $71,500 resistance level. If it can do that, it could be a major catalyst for a bullish breakout.
What Does It Mean for Investors?
Rekt Capital’s analysis suggests that October could be a pivotal month for Bitcoin. If the market follows historical patterns, we could see a significant price surge. However, it’s important to remember that the market is unpredictable and there are no guarantees.
