A cryptocurrency analyst who accurately predicted a Bitcoin correction earlier this year believes BTC could be on the brink of a bullish turn in the coming weeks.
Anonymous crypto strategist Recto Capital told his 87,600 YouTube subscribers that the cryptocurrency is primed for a rally in October based on the history of the flagship cryptocurrency Bitcoin's halving.
Earlier this year, Bitcoin underwent another halving, cutting BTC miner rewards in half.
Recto Capital says:
“So this October, we're not going to see that dip. In fact, we're going to see an uptick in October. It's just that October always tends to be a strong month. It all comes down to the fact that October is always going to be a strong month.”
Regarding Bitcoin’s potential gains next month, the anonymous analyst said:
“We are expecting a double-digit up month…Halving years tend to see double-digit increases, 14% and 27% in 2016 and 2020 respectively. So 14% would be $67,500…
But if October 2020's return is 27.5%, it would actually be a new all-time high…
So, the October returns are on the low side, 27%, 14% and 10%.”
Rekt Capital also said it could be several weeks before Bitcoin enters a more pronounced bullish phase of the cycle.
“If we look back at history, we see a tendency to move out of this reaccumulation sphere. [roughly between $55,000 and $73,000.] 160 days after halving. September will be pretty late and October will be pretty early…
If history really does repeat itself, we may be on the brink of that very parabolic phase.”
At the time of writing, Bitcoin was trading at $60,592, up 4.49% over the past day.
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