September has proven to be a favorable month for Bitcoin, a stark contrast to previous years where BTC experienced lackluster performances during this period. With October just around the corner, many cryptocurrency experts are optimistic that the historical bullish trends of the month could ignite a significant rally. This could potentially propel the crypto asset to new all-time highs before the end of 2024.
Bitcoin Predicted to Reach New All-Time Highs by December
Captain Faibik, a well-known crypto expert and enthusiast, recently took to X (formerly known as Twitter) to share his bullish predictions for Bitcoin. According to Faibik, Bitcoin is on the verge of a substantial upward movement that could see it reaching new all-time highs within the year. His positive outlook is based on an expected breakout from a bullish pattern, specifically the Broadening Wedge, anticipated in October. Faibik’s confidence in BTC’s positive trend for the upcoming month is evident in his analysis.
The Broadening Wedge formation is a technical pattern characterized by diverging trendlines, forming a shape that resembles a widening wedge. This pattern indicates expanding levels of resistance and support. Given Bitcoin’s recent performance, Faibik suggests that the crypto asset could initially surge to the crucial $68,000 resistance level in the week leading up to October.
While he predicts that BTC could reach $68,000 by the end of September, Faibik anticipates a breakout from the broadening wedge in early October. This breakout could potentially spark a rally, pushing Bitcoin’s price between $88,000 and $90,000 by the end of December.
Broader Market Analysts Support Bullish Projections
Faibik’s optimistic outlook is echoed by other market analysts. Gert Van Lagen, a technical analyst, has also identified an ascending broadening wedge pattern for Bitcoin on the 1-week timeframe. According to Van Lagen, this pattern typically breaks higher about 79% of the time at Base 4, and 67% of the time, it continues with an upward trend. Given these statistics, Van Lagen anticipates a substantial rally in the coming months, with a target for BTC at an impressive $300,000.
BTC Bull Run Anticipated to Begin Soon
As Bitcoin prepares for an upward movement, another market expert, Ash Crypto, suggests that the next bull run for Bitcoin is just days away. Ash Crypto’s analysis is based on historical market trends following the Bitcoin halving event. The expert notes that the bull run cycle for Bitcoin has historically started approximately 161 days, or 23 weeks, after each halving event. Given this historical pattern, Ash believes that Bitcoin is on the cusp of breaking out of its current consolidation phase and embarking on a significant rally.
The anticipation of a bull run is further supported by current market conditions and the increasing interest from both retail and institutional investors. As Bitcoin continues to gain wider acceptance and adoption, the positive momentum is expected to drive its price to unprecedented levels.
Conclusion
With September closing on a positive note for Bitcoin and October promising historical bullish trends, the outlook for BTC appears bright. Experts like Captain Faibik, Gert Van Lagen, and Ash Crypto are optimistic about significant price movements in the near future. As Bitcoin gears up for potential new all-time highs by December and beyond, the crypto market eagerly awaits the unfolding of these predictions.
