Rekt Capital: The moment of BTC's breakthrough has arrived

Author: Martin Young, CoinTelegraph; Translation: Baishui, Golden Finance

An analyst said that if historical cycle patterns repeat, the BTC and Crypto Assets market may be on the verge of breaking through.

Analyst Rekt Capital pointed out in an article on September 24th that ** in previous market cycles, BTC broke out of its re-accumulation range between 154 and 161 days after the Halving. **

This round of BTCHalving occurred on April 20th, and it has been 157 days since then, so we are currently within the breakout time range,” he added, “History has shown that now is the ‘breakthrough moment’ for BTC.”

Source: Rekt Capital

In the Halving year of 2016, BTC broke out of the range oscillation accumulation phase 154 days after Halving, while in 2020, it broke out of the range oscillation accumulation phase 161 days after that year’s Halving.

Analysts point out that history does not always repeat itself in a copy-and-paste manner, but if it does repeat in this cycle:

“So BTC is expected to break through its re-accumulation range in the next few days, that is, this week.”

The analyst also compared cyclical returns, pointing out that September is usually unfavorable for Bitcoin, while the fourth quarter usually has better returns.

However, he stated on September 21, “Who would have thought that BTC would achieve the highest average return in September in this cycle?”

As of this month, the return rate of BTC is about 9%, surpassing the second highest level in September 2016, when the return rate of that month was 6%.

In addition, 9 out of the past 11 Octobers have seen positive returns for BTC, with the bull market months of October 2017 and October 2021 seeing even larger increases of 48% and 40%, respectively.

Source: Rekt Capital

BTC has been sideways for the past six months, but it needs to break the previous high of $73,738 to enter a new price discovery range. It is currently only 14.6% away from this level.

According to CoinGecko, as of the time of writing, the price of BTC has dropped by 1.7% in the past 24 hours to $62,863. On September 23, the price of BTC reached a monthly high of $65,600.