Upcoming Price Surge? BTC Nears a Historical Breakout Point

A recent study shows that Bitcoins could be on the verge of a breakout phase. A crypto analyst, Rekt Capital, noted that Bitcoin could initiate massive upward trends about 154 to 161 days after the halving event. This is important because after halving, the price experiences a period of reaccumulation before moving to a parabolic upside. According to the analyst, the most recent halving occurred after 157 days, and Bitcoin might be approaching its next big move.

#BTC

Historically, Bitcoin has broken out from its ReAccumulation Range 154-161 days after the Halving

It is 157 days after the Halving now

History suggests it is "Breakout Time" for Bitcoin$BTC #Crypto #Bitcoin https://t.co/Ydqlu4JKSf pic.twitter.com/CwRvUYnHW0

— Rekt Capital (@rektcapital) September 23, 2024

The analyst shared a chart on their X profile that showed similarities to previous halving cycles of Bitcoin. The trend indicates that the BTC is consolidating in a reaccumulation range, like in 2016 and 2020. Usually, Bitcoin will hold this range for approximately 154 to 161 days prior to breaking out. During these periods, the tendency of increased prices is followed by a sharp spike.

Historical Breakout Cycles and Key Insights

In the 2016 post-halving cycle, it took 154 days before the Bitcoin was reaccumulated and moved upward again. The chart points out to the breakout, that occurred after the 22 bars (154 days) which led to an increase in the price. In the same way, in the 2020 cycle, after the halving process, Bitcoin took 161 days to reaccumulate before the breakout. This created a parabolic upside.

Bitcoin’s cyclical behavior around halving events tends to reduce the supply of newly mined Bitcoin, often driving demand higher as traders anticipate price gains. As Bitcoin approaches the 161-day mark post-halving, market observers await to see if it follows the historical pattern and enter another parabolic rise.

At present, Bitcoin’s post-halving market looks similar. As the number of days reached 157 days, it appears that Bitcoin has finally reached its breaking point. The chart shows that the observed timeline is 154 to 161, suggesting that the market may be getting another bullish run. At the time of writing, Bitcoin was trading in the $63,358.73 range with a 0.54% drop in 24 hours.