dailyhodl.com 01 October 2024 20:55, UTC

A popular analyst and trader says Bitcoin (BTC) may be gearing up for a breakout after holding a key support level.

The analyst pseudonymously known as Rekt Capital says in his newsletter that Bitcoin is looking bullish on the weekly time frame and could soon make a run to around $67,000 to kick-off October.

“Bitcoin recently formed a new higher high and performed a weekly close above the late August resistance of $64,300 (green), which now means that BTC will try to reclaim this old resistance into new support. There may be downside volatility on this retrace but if BTC is able to weekly close above this green level, then price will likely re-challenge the downtrending channel top (black) in early October.”

He tells his 502,100 followers on the social media platform X that Bitcoin is also looking bullish for confirming a successful retest of the $58,696 level on the quarterly or three-month timeframe.

The analyst also says that Bitcoin has had its best September performance in its history, suggesting market strength moving forward.

“Don’t let a -5% dip distract you from the fact that Bitcoin has experienced its best September of all-time by producing a +7% monthly return.”

The analyst says that Bitcoin may be on the verge of a parabolic breakout this cycle if it follows a similar time window to the 2020 halving, when miners’ rewards were cut in half.

“It is 163 days after the halving [as of September 30th]. Which is exactly the amount of days after the halving that Bitcoin broke out from its re-accumulation range in 2020.”

Bitcoin is trading for $62,552 at time of writing, down nearly 2% in the last 24 hours.

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