Bitcoin

Bitcoin Price Poised for Final Drop Ahead of October Surge, Say Analysts

Analysts predict that Bitcoin may experience one more significant dip before breaking out in October. According to popular crypto analyst Mags, the cryptocurrency’s chart patterns suggest that Bitcoin could see a final correction toward the $51,000 trendline before beginning its next upward move.

In a post on Sept. 9, Mags stated:

“Bitcoin — Last dip before up only.”

Bitcoin’s price has been forming higher highs and higher lows since February 2024, showing a long-term uptrend. However, a correction may still be on the cards, with a potential dip to around $54,000, as indicated by the gap between $54,000 and $54,450 on the Chicago Mercantile Exchange (CME). Traders often use these gaps to identify possible support and resistance zones.

Other analysts, like Titan of Crypto, also foresee a dip to end the current consolidation phase. On Sept. 10, Titan of Crypto remarked:

“It’s likely time for BTC to wrap up this consolidation phase. History doesn’t always repeat itself, but it often rhymes.”

Why is October ripe for Bitcoin to break out?

The final bullish phase for Bitcoin could kick off in October, says the pseudonymous analyst Titan of Crypto. On Sept. 4, they noted:

“October could be the month #BTC finally starts its final cycle move.”

Investors are anticipating an October breakout, as historical data shows that October has been a strong month for Bitcoin, with an average return of 22.9%. Additionally, previous halving cycles suggest that an October breakout could last up to three months, as mentioned by Rekt Capital on Sept. 8.