Bitcoin Price Poised For Final Dip Before October Surge

Despite the ongoing market downturn, driven in part by persistent negative outflows from US Bitcoin ETFs, analysts are anticipating a breakout for Bitcoin in October. 

Source: www.cointribune.com

Analysts suggest that Bitcoin may undergo one final, significant correction in its current cycle before it transitions into a parabolic phase, marking a rapid and substantial price surge as part of its broader bull run. This potential dip could serve as a pivotal moment, clearing the way for Bitcoin to establish a stronger foundation before accelerating into the next phase of its upward trajectory.

Final BTC Price Dip Ahead Of Breakout

According to popular crypto analyst Mags, Bitcoin's (BTC) bull run may experience one final significant dip before continuing its upward trajectory. Technical chart formations suggest that while Bitcoin has been establishing higher highs and higher lows since February 2024, indicating a long term uptrend, the analyst anticipates a potential correction towards the $51,000 trendline before the next phase of growth.

Additionally, analysis of Bitcoin's Chicago Mercantile Exchange (CME) gaps suggests a possible dip to $54,000. This forecast is based on the current CME gap between $54,000 and $54,450. CME gap analysis is a commonly used method to identify potential support and resistance levels, with gaps often marking key areas for retest before trend continuation or reversal. Other analysts also expect a dip to conclude the ongoing consolidation phase for Bitcoin.

Why October Could Be Prime For A Bitcoin Breakout?

According to a pseudonymous analyst, Bitcoin’s final bullish cycle might begin as early as October. Historically, October has been a strong month for Bitcoin, with the cryptocurrency averaging a 22.9% return, making it the second best month for Bitcoin price performance. November, on the other hand, has historically yielded even better results, with an average return of 46.81%. Additionally, previous halving cycles suggest that October often marks the start of a significant breakout, which can extend over the next few months.

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