• Bitcoin price eyes’ last dip’ before October breakout: Analysts #btcupdates2024
Bitcoin analysts are eying an October breakout, despite the current market slump, partly caused by continuous negative outflows from the US Bitcoin ETFs.
Bitcoin is set for a breakout in October, according to analysts who are eying one last major correction ahead of the parabolic phase of the bull cycle.
Final BTC price dip before breakout?
Based on technical chart formations, the Bitcoin
bull run could see one more significant dip ahead of the next leg up, according to popular crypto analyst Mags.
The analyst wrote in a Sept. 9 X post:
“Bitcoin — Last dip before up only.”
Bitcoin price has been forming higher highs and higher lows since February 2024. While this shows a long-term uptrend, the analyst’s chart patterns indicate another potential correction toward the $51,000 trendline before the next leg up.
Furthermore, Bitcoin Chicago Mercantile Exchange (CME) gap analysis points to a potential correction to $54,000, based on the current BTC CME gap between $54,000 and $54,450.
CME gap analysis has become a popular way to evaluate potential retest areas for Bitcoin during a momentum breakout. When these gaps are formed, traders often mark them as potential support and resistance ranges before trend continuation or reversal.
Other analysts also expecting a dip to end the current Bitcoin consolidation phase include popular analyst Titan of Crypto, who wrote in a Sept. 10 X post:
“It’s likely time for BTC to wrap up this consolidation phase. History doesn’t always repeat itself, but it often rhymes.#CryptoMarketMoves
