bullish

Bitcoin

Rekt

Bitcoin is set for a breakout in October, according to analysts who are eying one last major correction ahead of the parabolic phase of the bull cycle.
<h2 id="final-btc-price-dip-before-breakout">Final BTC price dip before breakout?</h2>
Based on technical chart formations, the Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) bull run could see one more significant dip ahead of the next leg up, according to popular crypto analyst Mags.
The analyst <a data-ct-non-breakable="null" href="https://x.com/thescalpingpro/status/1833045173292655028/photo/1" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/thescalpingpro/status/1833045173292655028/photo/1">wrote</a> in a Sept. 9 X post:
<blockquote>
 “Bitcoin — Last dip before up only.”
</blockquote>
<figure>
 <img alt="Bitcoin price eyes’ last dip’ before October breakout: Analysts" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191dbcd-cb57-7721-a7aa-37e70d343443">
 <figcaption style="text-align: center;">
 Bitcoin dip before breakout. Source: Mags
 </figcaption>
</figure>
Bitcoin price has been forming higher highs and higher lows since February 2024. While this shows a long-term uptrend, the analyst’s chart patterns indicate another potential correction toward the $51,000 trendline before the next leg up.
Furthermore, Bitcoin Chicago Mercantile Exchange (CME) gap analysis points to a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-retrace-54k-before-big-breakout" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/news/bitcoin-retrace-54k-before-big-breakout">potential correction to $54,000</a>, based on the current BTC CME gap between $54,000 and $54,450.
<figure>
 <img alt="Bitcoin price eyes’ last dip’ before October breakout: Analysts" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191dc4d-14ad-74ef-8016-0444072c87b1">
 <figcaption style="text-align: center;">
 Bitcoin CME gap on the 4-hour chart. Source: TradingView
 </figcaption>
</figure>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-cme-gaps-how-to-trade-them" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-cme-gaps-how-to-trade-them">CME gap analysis</a> has become a popular way to evaluate potential retest areas for Bitcoin during a momentum breakout. When these gaps are formed, traders often mark them as potential support and resistance ranges before trend continuation or reversal.&nbsp;
Other analysts also expecting a dip to end the current Bitcoin consolidation phase include popular analyst Titan of Crypto, who <a data-ct-non-breakable="null" href="https://x.com/Washigorira/status/1833445471542465015/photo/1" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/Washigorira/status/1833445471542465015/photo/1">wrote</a> in a Sept. 10 X post:
<blockquote>
 “It’s likely time for BTC to wrap up this consolidation phase. History doesn’t always repeat itself, but it often rhymes.”
</blockquote>
<figure>
 <img alt="Bitcoin price eyes’ last dip’ before October breakout: Analysts" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191dbd1-c3ea-7e03-847f-66a1b9fc9011">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart. end of consolidation. Source: Titan of Crypto
 </figcaption>
</figure>
<h2 id="why-is-october-ripe-for-bitcoin-to-break-out">Why is October ripe for Bitcoin to break out? </h2>
Bitcoin’s final bullish cycle could start as soon as October, according to pseudonymous analyst Titan of Crypto.
The analyst <a data-ct-non-breakable="null" href="https://x.com/Washigorira/status/1831281004738171167/photo/1" rel="null" target="null" text="null" title="null">wrote</a> in a Sept. 4 X post:
<blockquote>
 “October could be the month #BTC finally starts its final cycle move.”
</blockquote>
<figure>
 <img alt="Bitcoin price eyes’ last dip’ before October breakout: Analysts" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191d74e-51ce-7b97-9059-8f30bc72e69a">
 <figcaption style="text-align: center;">
 Bitcoin cycles and halvings. Source: Titan of Crypto
 </figcaption>
</figure>
Investors are expecting an October breakout based on Bitcoin’s average historical returns, which makes October the second-best month for Bitcoin price action.
<figure>
 <img alt="Bitcoin price eyes’ last dip’ before October breakout: Analysts" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191dc70-d811-79c8-ba32-10742ed2b0d6">
 <figcaption style="text-align: center;">
 Bitcoin monthly returns percentage. Source: CoinGlass
 </figcaption>
</figure>
Bitcoin has <a data-ct-non-breakable="null" href="https://www.coinglass.com/today" rel="nofollow noopener" target="_blank" text="null" title="https://www.coinglass.com/today">averaged</a> 22.9% returns in October, while November remains the best month, with average historical returns of 46.81%, according to CoinGlass data.
Previous halving cycles also point to an October breakout, which lasted up to three consecutive months, <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1832817164555841951" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/rektcapital/status/1832817164555841951">wrote</a> Rekt Capital in a Sept. 8 X post:
<figure>
 <img alt="Bitcoin price eyes’ last dip’ before October breakout: Analysts" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191dc75-235a-73f3-be6a-99c0f9a4761f">
 <figcaption style="text-align: center;">
 Bitcoin halving year analysis. Source: Rekt Capital
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price eyes’ last dip’ before October breakout: Analysts

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