Bitcoin is set to surge in October, according to analysts who foresee one last major correction before the parabolic phase of the bull market.
Final BTC Price Drop Before Breakout?
According to popular crypto analyst Mags, the Bitcoin (BTC) bull market could experience another big pullback before the next uptrend, based on technical chart formations.
Analyst Written Posted by X on September 9th:
“Bitcoin — Only the final drop before the rise.”
Bitcoin falls before breakout. Source: Mags
Bitcoin price has been making new highs and lows since February 2024. This indicates a long-term uptrend, but the analyst's chart patterns suggest there may be another correction towards the $51,000 trendline before the next phase of the upswing.
Additionally, Bitcoin’s Chicago Mercantile Exchange (CME) gap analysis indicates a possible correction towards $54,000, as the current BTC CME gap is from $54,000 to $54,450.
Bitcoin CME Gap on the 4-hour chart. Source: TradingView
CME Gap Analysis has become a popular method for assessing areas that Bitcoin may retest during momentum surges. When these gaps form, traders often mark them as potential support and resistance areas ahead of a trend continuation or reversal.
Other analysts who expect Bitcoin’s current consolidation phase to end with a decline include popular analyst Titan of Crypto. Written Posted by X on September 10th:
“It's likely time for BTC to finish this consolidation phase. History doesn't always repeat itself, but it often does rhyme.”
BTC/USD 1-day chart. End of consolidation. Source: Titan of Crypto
Why is October the month when Bitcoin will skyrocket?
According to anonymous analyst “Titan of Crypto,” Bitcoin's final bull cycle could begin as soon as October.
Analyst Written Posted by X on September 4th:
“October could be the month #BTC finally starts its final cycle move.”
Bitcoin cycles and halvings. Source: Titan of Crypto
Investors are expecting an October breakout based on Bitcoin's historical average returns, making October the second-best month for Bitcoin price movement.
Bitcoin monthly return. Source: CoinGlass
Bitcoin is Average According to data from CoinGlass, October's return was 22.9%, while November remains the best month, with the average historical return being 46.81%.
Previous halving cycles have also hinted at an October breakout, which lasted up to three consecutive months. Written Rekt Capital September 8th X article:
Bitcoin halving analysis. Source: Rekt Capital
This article does not contain any investment advice or recommendations. Any investment or trading involves risks and readers should conduct their own research when making any decision.
