Bitcoin Price Potentially Breakout in October 2024
2024-08-26
Bittime - According to Rekt Capital, Bitcoin has undergone a long consolidation phase. Over the past almost 6 months, Bitcoin has been moving in a limited price range so there is potential for a Bitcoin price breakout.
Bitcoin Re-Accumulation Phase
Source: Twitter.com/rektcapital
Bitcoin re-accumulation in 2023 will take longer. From pattern formation to breakout, the re-accumulation phase in 2023 lasts 224 days. This is longer than the re-accumulation phase which currently only lasts for around six months.
However, what is interesting is the potential for historical patterns to repeat themselves. If this pattern really repeats itself, then we could see Bitcoin breakout from its current price range in October 2024.
Also Read: The downward trend in Bitcoin prices is similar to the trend before the 2016 bull market
Bitcoin Price Breakout Forecast
According to Rekt Capital, if history really repeats itself, Bitcoin will most likely break out of this consolidation phase around October 2024. This is certainly highly anticipated by investors who have been waiting for a surge Bitcoin price after a long period of consolidation.
What's even more interesting is that the estimated timing of this breakout coincides with the post-Bitcoin halving price trend. Previously, Bitcoin tended to experience significant increases several months after the Bitcoin halving.
Potential Bitcoin Price Increase After Halving
In its history, Bitcoin halving has always been an important moment that drives prices up. After the first Bitcoin halving in 2012, the price of Bitcoin jumped from $12 to over $1,000 within a year.
The second Bitcoin halving in 2016 also had a similar impact, with the price of Bitcoin rising from around $650 to nearly $20,000 by the end of 2017.
The third halving in 2020 was also followed by a significant price increase. In fact, Bitcoin reached its all-time high price of around $69,000 at the end of 2021.
Also Read: 10x Research Suggests Long Bitcoin and Short Ethereum Strategy, Why?
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
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