- Bitcoin (BTC)price takes a tumble to the $60,000 price range.
- Despite the dip, the bullish sentiment for Q4 remains strong.
- Analyst expects BTC price to bounce after hitting the $57,500 price target.
Despite Bitcoin’s dip to the $60,000 price range, bullish expectations for the pioneer cryptocurrency to charge into the bull run phase in the ongoing bull cycle remain strong. According to many analysts, October could be the month that could see the bull run begin further fueling the sentiment for a bullish Q4.
Bull Run Begins 170 Days After Halving
Q4 in a Bitcoin Halving year has always been incredibly green. Furthermore, based on historical data, a green close for the month of September has always led to an even more bullish Q4. Analysts are once again reminding the greater crypto market and new and seasoned traders to hold strong.
NEW: On average #Bitcoin bull cycles begin 170 days after the halving, meaning the bull run could start this month 🐂
Bullish! 🚀 pic.twitter.com/zd5xQwG8Kw
— Bitcoin Magazine (@BitcoinMagazine) October 9, 2024
According to the post above, Bitcoin bull cycles have always begun 170 days after the Bitcoin Halving event. If this pattern were to follow once again, then the Bitcoin bull run phase should likely start in the current month of October. Presently, the price of BTC is at the $60,000 and one analyst expects BTC to bounce back only after dipping to the $57,500 range.
Bitcoin Bounce Could Occur After $57,500 Dip
Based on the post below CryptoBullet believes that the September 16 low must be taken out before Bitcoin price can rally towards setting new ATHs in the crypto market. This sentiment is further supported by many other analyst who foresee significant gains in the coming months calling it a mega bull market.
https://x.com/CryptoBullet1/status/1841835050809139540
Similarly, other analyst preach the same expecting the bull run to start soon as the BTC price chart has begun to mirror previous bull cycle patterns. Bitcoin is close to finishing a golden cross pattern as well as a breakout from a huge cup and handle formation, both indicators pointing to a parabolic pump ahead.