A cryptocurrency analyst who accurately called the Bitcoin correction earlier this year now believes BTC could turn bullish in the coming weeks.
Pseudonymous crypto strategist Rekt Capital tells According to its 87,600 YouTube subscribers, Bitcoin appears poised for the October rallies, based on the flagship crypto asset’s history during the halving years.
Earlier this year, Bitcoin witnessed another halving, when rewards for BTC miners were halved.
Says Rekt Capital,
“So we won’t really see those kinds of downsides come October. In fact, we will likely see an upward trend in October. We simply tend to see a strong October over time… It all comes down to the fact that we are going to have a strong October.”
On the potential gains Bitcoin could make next month, the pseudonymous analyst says:
“I expect us to have a double-digit upside month… We tend to see double-digit upside in the half-years – 14% and 27% in 2016 and 2020 respectively. So 14% would put us at $67,500 …
But if we were to look at the returns for October 2020, 27.5%, that would actually take us to new all-time highs….
So 27%, 14%, 10% are at the lower end in terms of returns for the month of October.”
Rekt Capital also says that Bitcoin could still be weeks away from entering a more significant bullish phase of the cycle.
“And if we look at history, history suggests to us that we tend to break out of this reaccumulation range [roughly between $55,000 and $73,000.] 160 days after the halving. And that brings us to very, very late September, early, early October…
If history does indeed repeat itself, we may be on the cusp of that parabolic phase.”
Bitcoin is trading at $60,592 at the time of writing, up 4.49% in the past day.
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