Bitcoin’s Next Big Move? Here is What to Expect

A well-known cryptocurrency analyst suggests that Bitcoin (BTC) might be on the verge of a major breakout, drawing from historical trends.

The trader, known as “Rekt Capital”, notes that Bitcoin typically exits its re-accumulation phase about 154 to 161 days following each halving event. Currently, we are 157 days post-halving, which aligns with previous breakout periods for Bitcoin.

#BTC

Historically, Bitcoin has broken out from its ReAccumulation Range 154-161 days after the Halving

It is 157 days after the Halving now

History suggests it is “Breakout Time” for Bitcoin$BTC #Crypto #Bitcoin https://t.co/Ydqlu4JKSf pic.twitter.com/CwRvUYnHW0

— Rekt Capital (@rektcapital) September 23, 2024

This analyst believes that Bitcoin could be entering a phase of rapid price increase, as past patterns indicate. Additionally, they point out that Bitcoin’s present cycle has only reached 44.8% of the total bull market expected during halving cycles.

Rekt Capital also emphasized that Bitcoin has successfully broken past a series of lower highs.

The cryptocurrency needed to finish the week above approximately $61,900 to signify the end of a downtrend, and it surpassed that mark, closing significantly higher.

#BTC Bull Market Progress:

▓▓▓▓░░░░░░ 44.8%

(Progress bar based on standard Halving Cycles)$BTC #Crypto #Bitcoin pic.twitter.com/i6Yq6V2nya

— Rekt Capital (@rektcapital) September 24, 2024

However, after breaking out of a downtrend, it is common for the price to retreat back to the previous downtrend level, which would then act as support to confirm the breakout. For Bitcoin to successfully navigate this retest, it needs to revisit the $61,300 region.