Bitcoin has once again failed to surpass the $61,000 price level, leading to a drop to about $59,000, which has raised speculations about its short-term potential. Despite the negative market trends witnessed these past few weeks, several analysts are still bullish about Bitcoin, predicting a notable rally for the digital asset in the upcoming weeks.
Upcoming Weeks Could Be Great For Bitcoin
As the market continues to fluctuate, Bitcoin might be gearing up for a major rally as a popular market expert and trader Rekt Capital has predicted an exciting period ahead for the crypto asset. His forecast demonstrates BTC’s resiliency in light of waning market conditions.
The expert pointed out that BTC may soon emerge from its present consolidation period, paving the way for a potential major price increase based on strong accumulation trends and historical price trends.
According to the market expert, the reaccumulation range and resynchronization with Post-Halving price patterns are very nearly within Bitcoin’s reach. In addition, historical data indicates that the flagship crypto should be breaking out in the next few weeks.
As a result, Rekt Capital is confident about BTC’s potential to undergo a rally, predicting that the next few weeks will be “very exciting” for the digital asset once the market starts to stabilize again.
Rekt Capital further drew attention to his previous forecast where he underscored the performance of BTC after the Halving event. He stated in the post that based on past performance, Bitcoin often reaches its peak between 150 and 160 days following the Halving event, which means that in late September 2024, the crypto asset might break out of its reaccumulation range.
He further noted that the largest recorded upside in the month of September was just +6%, and the average historical monthly returns for September are -4.48%. Meanwhile, in comparison to October, the average historical monthly returns are +22.9%, suggesting that BTC could experience positive movements in the month given its past performances.
Although Rekt Capital anticipates positive weeks ahead for BTC, he highlighted that the asset could consolidate a little bit more past last September in order 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 an incoming major rally for BTC growing significantly within the community, Mags, a well-known crypto analyst, has underlined several buy opportunities for investors and traders.
Considering the crypto asset’s past price performance, the expert stated that BTC usually offers 3 buying points before it experiences a parabolic rise. One is close to the bottom of the market, the other is a few months prior to the Halving, and the last is right after the Halving.
Thus Mags has urged investors to take action noting that this could be the last chance to get BTC cheap before the digital asset goes parabolic in the coming months.
Featured image from Unsplash, chart from Tradingview.com
Source: https://bitcoinist.com/major-bitcoin-price-action-looms/