Bitcoin has recently struggled to surpass the $61,000 price level, leading to a drop to around $59,000. This price fluctuation has sparked speculations about Bitcoin’s short-term potential. Despite recent negative market trends, several analysts remain optimistic about Bitcoin, predicting a notable rally for the digital asset in the near future.
Upcoming Weeks Could Be Great For Bitcoin
As the market continues to fluctuate, Bitcoin might be gearing up for a major rally. A popular market expert and trader, Rekt Capital, has predicted an exciting period ahead for the cryptocurrency. His forecast highlights Bitcoin’s resilience in the face of waning market conditions.
The expert pointed out that Bitcoin may soon emerge from its current consolidation phase, potentially paving the way for a significant price increase. This prediction is based on strong accumulation trends and historical price patterns. According to Rekt Capital, the reaccumulation range and resynchronization with post-halving price patterns are almost within Bitcoin’s reach. Historical data suggests that the flagship cryptocurrency should break out in the coming weeks.
Rekt Capital is confident in BTC’s potential to rally, predicting that the next few weeks will be “very exciting” for the digital asset as the market stabilizes. He drew attention to his previous forecast, which underscored Bitcoin’s performance after the halving event. Based on past performance, Bitcoin often reaches its peak between 150 and 160 days following the halving event. This indicates that by late September 2024, Bitcoin might break out of its reaccumulation range.
He also noted that the largest recorded upside in September was just +6%, and the average historical monthly returns for September are -4.48%. In contrast, the average historical monthly returns for October are +22.9%, suggesting that Bitcoin could see positive movements in that month based on past performances.
Although Rekt Capital anticipates positive weeks ahead for Bitcoin, he highlighted that the asset might consolidate a bit more past last September to achieve a breakout in October. “After all, October has always historically been a strong month,” he added.
3 Buying Points Before A Major Rally
With the anticipation of a significant rally for Bitcoin growing within the community, Mags, a well-known crypto analyst, has highlighted several buying opportunities for investors and traders.
Considering Bitcoin’s past price performance, the expert stated that the cryptocurrency usually offers three buying points before experiencing a parabolic rise. The first buying point is close to the bottom of the market, the second is a few months before the halving event, and the third is right after the halving.
Mags has urged investors to take action, noting that this could be the last chance to acquire Bitcoin at a lower price before the digital asset goes parabolic in the coming months.
