Bitcoin Poised for a Potential Breakout in October According to Cointelegraph, Bitcoin (BTC) is poised for a major breakout in October, with analysts predicting one last major correction before the next phase of the bull cycle. Popular crypto analyst Mags suggests that Bitcoin could experience one last dip before a significant upward move. In a September 9 post, Mags noted that Bitcoin has been forming higher highs and higher lows since February 2024, indicating a long-term uptrend. However, chart patterns suggest a possible correction to the $51,000 trendline before the next upward move. Additionally, the Bitcoin Chicago Mercantile Exchange (CME) gap analysis points to a possible correction to $54,000, based on the current BTC CME gap between $54,000 and $54,450. CME gap analysis has become a popular method for evaluating potential retest areas for Bitcoin during momentum breakouts. These gaps are often marked by traders as potential support and resistance ranges ahead of a trend continuation or reversal. Other analysts, including Titan of Crypto, are also predicting a drop to end the current Bitcoin consolidation phase. Titan of Crypto mentioned in a post dated September 10 that it may be time for Bitcoin to end its consolidation phase, noting that history does not always repeat itself, but it often rhymes. According to Titan of Crypto, October is seen as a ripe month for Bitcoin’s latest bullish cycle to begin. The analyst emphasized in a post dated September 4 that October could be the start of Bitcoin’s latest cycle move. Historical data supports this view, as October has been the second-best month for Bitcoin price action, with an average return of 22.9% $BTC
