September turned out to be positive for Bitcoin, despite previous scenarios where BTC has been on a downward trend this month. With October just days away, many crypto experts believe that the optimism historically seen this month could spark a major rally that will send the crypto asset lower fresh all-time records before the end of 2024.
Bitcoin to Hit Fresh All-Time Highs by December
Captain Faibik, a cryptocurrency expert and enthusiast, wrote in a recent post on X (formerly Twitter): Planned that Bitcoin is poised to reach fresh all-time highs during the year. Faibik’s bullish analysis is based on a projected breakout from a bullish pattern, most notably the Expanding Wedge in October, indicating his confidence in BTCpositive monthly trends over time.
The Expanding Wedge Pattern is a pattern that forms a shape resembling an expanding wedge, characterized by diverging trendlines. It is a technical pattern that shows a channel of high and low resistance levels and expanding support. The analyst claims that given the improvement in BTC quotes, the cryptocurrency could primarily rise to the key resistance level of $68,000 during the week leading up to October.
While he predicts BTC could reach $68,000 before the September close, Faibik expects a widening wedge breakout to occur to the upside Bitcoin in early October, which will likely lead to prices rising to the $88,000-$90,000 level by behind schedule December.
With a breakout from the extended wedge expected next month, Faibik’s forecast indicates that the largest crypto-asset could see significant growth in lightweight of growing interest from retail and institutional buyers and broader acceptance. Faibik’s bold analysis is in line with that of Gert Van Lagen, a technical analyst who also quoted approaching rising and expanding wedge pattern for BTC over 1 week.
According to Gert Van Lagen, Bitcoin is currently forming a rising, expanding wedge that consistently breaks higher about 79% of the time at a base of 4. Meanwhile, the pattern is a continuum with an uptrend 67% of the time. Given this trend, Van Lagen predicts a massive rally in the coming months, setting his target for BTC at $300,000 threshold.
BTC Bull Run will start in the next few days
As Bitcoin prepares for an upward move, Ash Crypto, a market expert, Claims that the next Bitcoin bull run will begin in a few days, suggesting a possible change in market trend. Based on previous market trends following the Bitcoin halving event, the expert perspective suggests that BTC is on track to avoid the current consolidation phase.
Ash noted that Bitcoin’s bull run has historically started around 161 days or 23 weeks after each Halving event. Comparing this trend to current cycleThe analyst believes the surge typical of this event will occur in just a few days.
Featured image from iStock, chart from Tradingview.com
