Bitcoin

Arthur

April

Rekt

Bitcoin and crypto markets could be on the cusp of a breakout if historical cycle patterns repeat, according to an analyst.
In a Sept. 24 X post, analyst Rekt Capital observed that in previous market cycles,&nbsp;Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) has historically&nbsp;broken out from its reaccumulation range between 154 and 161 days after the <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter" rel="null" target="null" text="null" title="null">halving</a>.
This cycle’s BTC <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-halving-2024-completion-confirmed" rel="null" target="null" text="null" title="null">halving</a> occurred on April 20, 157 days ago, so we are within the breakout time frame, he said, <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1838269432960843880" rel="null" target="null" text="null" title="null">adding</a>:&nbsp;
<blockquote>
 “History suggests it is ‘Breakout Time’ for Bitcoin.”
</blockquote>
<figure>
 <img alt="‘History suggests it’s breakout time for Bitcoin’ — Rekt Capital" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019221e5-c92b-74af-a25d-76d3461844f3">
 <figcaption style="text-align: center;">
 Source: Rekt Capital
 </figcaption>
</figure>
During the 2016 halving year, BTC broke out of the range-bound accumulation phase 154 days after the halving, while in 2020, it broke out 161 days after the halving.&nbsp;
The analyst highlighted that <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/the-history-of-bitcoin-when-did-bitcoin-start" rel="null" target="null" text="null" title="null">history</a> doesn’t always repeat in a copy-paste manner, but if it were to do so in this cycle:&nbsp;
<blockquote>
 “Then Bitcoin should be breaking out from its re-accumulation range in the next handful of days, this week.”
</blockquote>
The analyst has also compared periodic returns, noting that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-60k-analysis-bearish-september" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-price-60k-analysis-bearish-september">September is&nbsp;usually bearish&nbsp;for Bitcoin</a>, and the fourth quarter usually sees better returns.&nbsp;
However, on Sept. 21, he <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1837495671789662265" rel="null" target="null" text="null" title="null">said</a>, “Who would’ve thought Bitcoin would print its highest-ever average return for the month of September in this cycle?”
BTC has risen by around 9% in September, beating its second-best September in 2016, when it made 6% gains in the month.
Additionally, nine of the past eleven October months have seen positive returns for Bitcoin, with bull market months such as October 2017 and 2021 seeing greater gains of 48% and 40%, respectively.&nbsp;
<figure>
 <img alt="‘History suggests it’s breakout time for Bitcoin’ — Rekt Capital" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019221e6-7650-7175-9f45-910cade49ab9">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1837495671789662265" rel="null" target="null" text="null" title="https://x.com/rektcapital/status/1837495671789662265">Rekt Capital</a>
 </figcaption>
</figure>
 Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-bottom-slowly-erodes-whale-wallets-increase-3" rel="null" target="null" text="null" title="null">Bitcoin’s bottom slowly erodes as whale wallets increase by 3%</a>&nbsp;
Bitcoin has been trading sideways for the past six months but would need to break its previous peak of $73,738 to enter a new price discovery range. It is only 14.6% away from that level.&nbsp;&nbsp;
BTC price has been trading down 1.7% over the past 24 hours at $62,863 at the time of writing, according to CoinGecko. It hit a monthly <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/gold-price-hits-all-time-high-next-for-bitcoin" rel="" target="_self" text="null" title="https://cointelegraph.com/news/gold-price-hits-all-time-high-next-for-bitcoin">peak of $65,600 on Sept. 23</a>.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/donald-trump-bitcoin-burgers-arthur-hayes-fed-rate-cut-hodlers-digest/" rel="null" target="null" text="null" title="null">Trump buys burgers with BTC, Arthur Hayes skeptical on rate cut, and more: Hodler’s Digest</a>

‘History suggests it’s breakout time for Bitcoin’ — Rekt Capital

Cointelegraph

2024년 9월 24일에 게재된 다른 기사

Near Protocol Finally Breaks Out of a Strong Resistance: What’s Next for NEAR Price?

Crypto to Buy for Short Term : The Power of Bitcoin ,Ethereum and Tether in 2024

Bitfinex Analysts Explain: "Bitcoin Bulls Need to Break Through This Level for a Rise!"

1inch's AML screening tools for Web3 security

BTC to $300,000? Top Trader Delivers Epic Bitcoin Price Prediction

Polymarket’s $50M Funding Round: Is a Game-Changing Token Launch on the Horizon?

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!