September has turned out to be positive for Bitcoin despite previous scenarios where BTC faced pessimistic performances in the month. With October only a few days away, many crypto experts believe the optimism historically seen in the month could trigger a major rally that will send the crypto asset to new all-time highs before 2024 closes.
Bitcoin To Hit New All-Time Highs By December
Captain Faibik, a crypto expert and enthusiast in a recent X (formerly Twitter) post has predicted that Bitcoin is gearing up for a leg up to new all-time highs within the year. Faibik’s optimistic analysis is driven by an anticipated breakout from a bullish pattern, particularly the Broadening Wedge in October, indicating his confidence in BTC‘s positive trends within the month over time.
The Broadening Wedge formation is a pattern that forms a shape resembling a widening wedge, characterized by diverging trendlines. It is a technical pattern that shows a channel of high and low levels of resistance and support expanding. Given the renewed performance of BTC, the analyst claims the crypto asset could, first of all, rise to the crucial $68,000 resistance level within the week ahead of October.
While he predicts BTC could hit $68,000 before September closes, Faibik expects a broadening wedge breakout to the upside for Bitcoin in early October that will possibly lead to a rally between $88,000 and $90,000 by the end of December.
With the broadening wedge breakout expected to take place next month, Faibik’s prognosis indicates that the largest crypto asset might see major upward strength in light of rising retail and institution interest and wider acceptance. Faibik’s bold analysis aligns with Gert Van Lagen, a technical analyst who has also cited an impending ascending broadening wedge pattern for BTC in the 1-week timeframe.
According to Gert Van Lagen, Bitcoin is presently forming the ascending broadening wedge, which consistently breaks higher about 79% of the time at Base 4. Meanwhile, 67% of the time, the pattern is one of continuity with an upward trend. Considering the trend, Van Lagen anticipates a massive rally in the upcoming months, placing his target for BTC at the $300,000 threshold.
BTC Bull Run To Kick Off In The Next Few Days
As Bitcoin gears up for an upward move, Ash Crypto, a market expert, claims that Bitcoin’s next bull run will begin in a few days, suggesting a possible shift in market trend. Based on past market trends following the Bitcoin halving event, the expert perspective suggests BTC is about to elude its current consolidation phase.
Ash noted that the bull run cycle for Bitcoin has historically started about 161 days or 23 weeks after each Halving event. Comparing this trend with the current cycle, the analyst believes that the massive leg-up typically seen after the event is only a few days away.
Featured image from iStock, chart from Tradingview.com
Source: https://bitcoinist.com/bitcoin-prepares-for-major-rally-to-new-peak/