History Indicates That It’s Breakout Time For Bitcoin

According to an analyst, if past cycle patterns recur, Bitcoin and cryptocurrency markets might be about to see a breakout.

Analyst Rekt Capital noted in an X post on September 24 that Bitcoin has typically broken out from its reaccumulation zone between 154 and 161 days following the halving in previous market cycles.

BTC emerged from the range-bound accumulation phase 154 days after the 2016 halving year and 161 days after the 2020 halving.  

The expert emphasized that historical events don't always repeat themselves, but if it were to do in this cycle, Bitcoin should be breaking out from its reaccumulation range in the next handful of days.

The analyst has also compared quarterly returns, noting that September is often a gloomy month for Bitcoin and that quarterly returns are typically higher in the fourth quarter.

However, on Sept. 21, Analyst said, “Who would’ve thought Bitcoin would print its highest-ever average return for the month of September in this cycle?”

Bitcoin gained almost 9% in September, surpassing its second-best September 2016 gain of 6%.

Furthermore, Bitcoin has experienced positive returns in nine of the previous eleven October months. Bull market months like October 2017 and 2021 had higher gains of 48% and 40%, respectively.

For the last six months, Bitcoin's price has been moving sideways. However, it must break through its previous peak of $73,738 to move into a new price discovery range. It is just 14.6% away.