Bitcoin Set For Potential Breakout In October

According to Cointelegraph, Bitcoin (BTC) is poised for a significant breakout in October, with analysts predicting one last major correction before the next phase of the bull cycle. Popular crypto analyst Mags suggests that Bitcoin could experience a final dip before a substantial upward movement. Mags noted in a Sept. 9 post that Bitcoin has been forming higher highs and higher lows since February 2024, indicating a long-term uptrend. However, chart patterns suggest a potential correction toward the $51,000 trendline before the next leg up. Additionally, Bitcoin Chicago Mercantile Exchange (CME) gap analysis points to a possible correction to $54,000, based on the current BTC CME gap between $54,000 and $54,450. CME gap analysis has become a popular method for evaluating potential retest areas for Bitcoin during momentum breakouts. These gaps are often marked by traders as potential support and resistance ranges before trend continuation or reversal. Other analysts, including Titan of Crypto, also foresee a dip to conclude the current Bitcoin consolidation phase. Titan of Crypto mentioned in a Sept. 10 post that it might be time for Bitcoin to end its consolidation phase, noting that while history doesn't always repeat itself, it often rhymes. October is seen as a ripe month for Bitcoin's final bullish cycle to commence, according to Titan of Crypto. The analyst highlighted in a Sept. 4 post that October could mark the beginning of Bitcoin's final cycle move. Historical data supports this view, as October has been the second-best month for Bitcoin price action, with an average return of 22.9%, while November remains the best month with average historical returns of 46.81%, according to CoinGlass data. Previous halving cycles also indicate an October breakout, lasting up to three consecutive months during previous halving years. Analyst Rekt Capital noted in a Sept. 8 post that comparing 2024 with previous halving years (2016 and 2020) shows Bitcoin enjoyed three straight months of upside across October, November, and December. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.