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Renowned crypto analyst Rekt Capital forecasts that Bitcoin 
$108,407 may experience a significant rise in the coming weeks. The analyst highlights that historically, Bitcoin has shown strong performance in October during halving years. Earlier this year, Bitcoin underwent a halving event, reducing miner rewards by half.
Anticipation of Double-Digit Gains in October
Rekt Capital suggests Bitcoin could see double-digit gains in October. The analyst points out that in previous halving years, Bitcoin increased by 14% and 27%. A 14% rise this October could push Bitcoin to around $67,500.
Furthermore, the analyst notes that the 27.5% gain observed in October 2020 could lead Bitcoin to new heights. The potential return in October is estimated to be between 10% and 27%.
Is Bitcoin on the Verge of a Parabolic Ascension?
Rekt Capital indicates that we are just weeks away from a larger bullish phase for Bitcoin. Historical data shows that the re-accumulation phase after halving typically occurs within 160 days, suggesting it may happen by the end of September or early October.
The analyst proposes that Bitcoin is currently trading in a range between $55,000 and $73,000, and exiting this range could signal a parabolic advance.
As of writing, Bitcoin is trading at $60,592, reflecting a 4.49% increase over the last 24 hours. Rekt Capital’s predictions, grounded in historical trends, may serve as valuable guidance for investors. However, the inherent volatility of the crypto markets must be considered, and investments should be assessed diligently. A strong performance from Bitcoin in October could present opportunities for investors, yet potential risks cannot be overlooked.
