September has been positive for bitcoin despite previous scenarios where btc faced downbeat performances in the month. With October just days away, many crypto experts believe that the optimism historically seen in the month could trigger a major rally that will send the crypto asset to new historical highs before the end of 2024.
bitcoin to hit new all-time highs in December
Captain Faibik, a cryptocurrency expert and enthusiast, in a recent post on x (formerly twitter) has… x.com/CryptoFaibik/status/1838042489808126438″ target=”_blank” rel=”noopener nofollow”>provided that bitcoin is preparing to hit new all-time highs during the year. Faibik's optimistic analysis is driven by an anticipated breakout of a bullish pattern, in particular the Broadening Wedge in October, indicating his confidence in bitcoinPositive trends within the month over time.
The Broadening Wedge formation is a pattern that forms a shape similar to a broadening wedge, characterized by diverging trend lines. It is a technical pattern that shows a channel of expanding high and low levels of resistance and support. Given btc’s renewed performance, the analyst claims that the crypto asset could firstly rise to the crucial resistance level of $68,000 within the week leading to October.
While he predicts that btc could hit $68,000 before the close of September, Faibik expects a broadening wedge breakout to the upside for bitcoin in early October, possibly leading to a rally between $88,000 and $90,000 by the end of December.
The breakout of the broadening wedge is expected to take place next month, and Faibik’s forecast indicates that the largest crypto asset could see significant upside strength in light of growing retail and institutional interest and broader acceptance. Faibik's bold analysis aligns with Gert Van Lagen, a technical analyst who has also x.com/GertvanLagen/status/1838305124663595257″ target=”_blank” rel=”noopener nofollow”>aforementioned an impending ascending broadening wedge pattern for btc on the 1-week time frame.
According to Gert Van Lagen, bitcoin is currently forming an ascending wedge that is steadily widening around 79% of the time at base 4. Meanwhile, 67% of the time, the pattern is one of continuation with an uptrend. Taking the trend into account, Van Lagen anticipates a massive rally in the coming months, placing his target for btc at $300,000 threshold.
btc bullish rally will start in the next few days
As bitcoin prepares for an upward move, Ash crypto, a market expert, x.com/Ashcryptoreal/status/1838131589806510397″ target=”_blank” rel=”noopener nofollow”>claims that the next bitcoin bull run will begin in a few days, suggesting a possible change in the market trend. Based on the past market trends following the bitcoin halving event, the experts’ outlook suggests that btc is on the verge of bypassing its current consolidation phase..
Ash noted that bitcoin's bull cycle has historically started around 161 days or 23 weeks after each Halving event. Comparing this trend to the current cycleThe analyst believes the massive surge typically seen after the event will occur within a few days.
Featured image from iStock, chart from Tradingview.com
