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Bitcoin’s price movements are on the verge of a potential breakout, according to a leading market analyst who suggests that the cryptocurrency may follow historical patterns tied to its halving cycles.
In a post on X on September 24, analyst Rekt Capital highlighted that Bitcoin has historically seen major price breakouts around 154 to 161 days after its halving events. The current halving took place on April 20, putting the market within this crucial time frame.
Historical Patterns After Bitcoin Halving
“History suggests it is ‘breakout time’ for Bitcoin,” the analyst stated, pointing out the timing’s alignment with previous cycles. During Bitcoin’s 2016 halving, the cryptocurrency experienced a breakout 154 days after the event, while the 2020 halving saw BTC surge 161 days later. The analyst emphasized that while history does not always unfold in exact terms, the cyclical nature of Bitcoin’s price movements suggests a possible breakout in the coming days.
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In previous cycles, Bitcoin has seen its price surge after prolonged periods of sideways trading, known as the reaccumulation phase. Bitcoin has been trading in such a range for the past several months, and if history were to repeat, the cryptocurrency could soon enter a period of strong upward momentum.
Unusual Performance in September
Rekt Capital also pointed out Bitcoin’s unusual performance this September. Historically, September has been a bearish month for Bitcoin, but this year the cryptocurrency has defied expectations. As of September 21, Bitcoin has made an impressive 9% gain for the month, surpassing its previous best September return of 6% back in 2016. The analyst remarked, “Who would’ve thought Bitcoin would print its highest-ever average return for the month of September in this cycle?”
Looking ahead, October has historically been a strong month for Bitcoin. In nine out of the past eleven Octobers, the cryptocurrency has posted positive returns, with standout bull market months like October 2017 and October 2021 seeing price gains of 48% and 40%, respectively. With BTC currently trading at $62,863, a breakout could place the asset into a new price discovery range.
