Why Bitcoin Price May Breakout In October 2024

Highlights

The current consolidation phase for Bitcoin, lasting nearly six months, is the longest before crossing all-time high.
Historical trends suggest a potential breakout in October 2024, aligning with typical post-halving patterns.
Institutional interest in Bitcoin is increasing, as seen in the rising inflows into spot Bitcoin ETFs following Powell's remarks.

Following US Federal Reserve Chair Jerome Powell’s indication of rate cuts in September, Bitcoin price made strong advancements to break past its supply zone of $59,000-$62,000. Analysts are expecting a further rally to $70,000 and consequently a new all-time high ahead. However, experts anticipate a few weeks of consolidation for BTC before moving towards an all-time high.

Key Factors To Influence Bitcoin Price Rally in October

The Bitcoin price has entered nearly six months of consolidation phase marking the longest period it has taken to break past a previous all-time high. However, BTC’s ascent to its all-time high before the Bitcoin halving in April was also the fastest, which shows that the current consolidation phase is well balancing out the earlier rapid price surge.

Popular crypto analyst Rekt Capital highlighted the re-accumulation phase stating that it still isn’t the longest in the cycle. Last year’s re-accumulation in 2023 during the formation of the breakout, lasted for around 224 days.

If historical patterns hold, Bitcoin could break out in October 2024, aligning with the typical post-halving price trends that suggest a potential breakout in late September 2024, noted Rekt Capital. Moreover, the Q4 has remained a strong quarter for the crypto market historically.

#BTC

Bitcoin has been consolidating for almost 6 months

But this current ReAccumulation Range isn't even the longest one in this cycle

From formation to breakout, the 2023 ReAccumulation lasted longer at 224 days

If history were to repeat, then Bitcoin would breakout in… https://t.co/nbVk8hAzj2 pic.twitter.com/FCaantr3zX

— Rekt Capital (@rektcapital) August 25, 2024

The inflows into spot Bitcoin ETFs also picked up pace following Powell’s rate cut hints suggesting that institutional participation in Bitcoin is once again gaining speed. Analysts at QCP Capital believe that the BTC price will continue to hover in the $61k to $70k range as the markets will wait for key indicators such as the US PCE inflation data as well as the US initial jobless claims for the week.

Furthermore, the market has been rallying on the expectations of the rate cut while restoring investor confidence as implied volatilities (IVs) continue to decline across all major terms.

BTC Bulls To Maintain Upside Momentum

Following the move on Friday, the Bitcoin open interest hasn’t surged significantly in comparison to the previous instances. This shows the reduced risk of immediate full retrace since there are less number of long positions to squeeze out at the moment.

However, it will be important for the bulls to maintain the momentum ahead this week as the key level to hold is the previous local high of $62,800.

#Bitcoin Friday's move didn't elevate Open Interest as much as it had done in the past.

Makes this less susceptable to one of those instant full retraces as there's less longs to squeeze out.

Still, I think it's key to hold on to the previous local high at ~$62.8K to keep the… pic.twitter.com/IZ3Hxxcjlz

— Daan Crypto Trades (@DaanCrypto) August 25, 2024

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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