Bitcoin Price Set for October Breakout, New ATH in Sight

Bitcoin (BTC) has reached a local top around $73,000 following an impressive rally in the first half of 2024. The flagship cryptocurrency is now signaling further consolidation in the coming months before an anticipated bullish breakout. Last week, Bitcoin closed with a hammer candlestick pattern, indicating that sellers are losing momentum.

In a positive development, US spot Bitcoin ETFs have seen five consecutive days of small cash inflows after a period of notable outflows. This shift in ETF flows could be an early indicator of renewed investor interest and confidence in the market.

On-Chain Analysis: A Key Metric

According to on-chain analysis firm CryptoQuany, the 60-Day Realized Market Capitalization Variance (RCV) metric is crucial for understanding the current state of the Bitcoin market. The RCV metric measures the two-month change in the realized cap relative to Bitcoin’s market value, providing valuable insights for long-term decision-making.

The RCV metric suggests that Bitcoin has entered a risk zone. However, a possible demand surge around the 0.50 level could mirror the 2017 market behavior, potentially setting a new long-term high for Bitcoin.

Analyst Predictions: A Bullish Future

Prominent crypto analyst Aurelien Ohayon, creator of the XOR automated trading machine, believes that Bitcoin’s price is gradually mirroring the 2017 macro bull market. Ohayon is confident that Bitcoin will experience a bullish breakout towards a new all-time high (ATH) in October.

Historically, October has shown a strong bullish trend, even during bear markets, earning it the nickname ‘Uptober’. In this upcoming bullish phase, Ohayon has set a long-term Bitcoin price target of beyond $500,000.

$500k Bitcoin? Too optimistic, or just the beginning? Let’s hear your predictions!