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.,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.,,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.,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.,,
https://coinniu.com/why-bitcoin-price-may-breakout-in-october-2024/
