Bitcoin It once again failed to break through the $61,000 price level, leading to a decline to around $59,000, prompting speculation about its short-term potential. Despite the negative market trends seen over the past few weeks, many analysts remain bullish on Bitcoin, predicting a significant rally for the digital asset in the coming weeks.
The coming weeks could be great for bitcoin
As the market continues to volatile, Bitcoin could be poised for a major rally, as noted by popular market expert and trader Rekt Capital Planned stimulating times ahead for the crypto asset. His forecast shows BTC’s resilience in featherlight of weakening market conditions.
The expert indicated that BTC may soon emerge from its current consolidation period, which will pave the way for a potential significant price augment based on mighty Accumulation trends and historical price trends.
According to the market expert, the reaccumulation range and resynchronization with the Post-Halving price patterns are very close to Bitcoin’s range. Moreover, historical data indicates that the flagship cryptocurrency should breakout in the next few weeks.
As a result, Rekt Capital is confident in BTC’s growth potential, predicting that the next few weeks will be “very exciting” for the digital asset as the market begins to grow. stabilize Again.
Rekt Capital drew attention to its previous forecast, in which it emphasized BTC results after Halving. In the post, he stated that based on past performance, Bitcoin often peaks between 150 and 160 days after the Halving event, meaning the crypto asset could break out of the re-accumulation range by the end of September 2024.
He further noted that the largest augment on record in September was only +6%, and the average historical monthly returns for September are -4.48%. Meanwhile, compared to October, the average historical monthly returns are +22.9%, suggesting that BTC could experience positive changes this month, given its performance so far.
Although Rekt Capital predicts a positive few weeks for BTC, it emphasized that the asset could consolidate a little more than in September last year to reach the breakthrough in October. “After all, October has always historically been a strong month,” he added.
3 Buy Points Before Substantial Rally
As the anticipation of the upcoming substantial BTC rally is growing significantly in the community, Mags, a well-known cryptocurrency analyst, underlined numerous buying opportunities for investors and traders.
Taking into account the current price performance of crypto-assets, the expert stated that BTC it usually offers 3 buy points before it experiences a parabolic rally. One is near the market bottom, the second is a few months before the Halving, and the last one is right after the Halving.
Mags urged investors to take action, noting that this could be the last chance to buy BTC cheaply before the digital asset goes parabolic in the coming months.
Featured image from Unsplash, chart from Tradingview.com
