Bitcoin BTC Bull Run Expected to Begin in October According to Aurelien Ohayon

Bitcoin (BTC) has reached a local peak at around $73k following an impressive rally in the first half of 2024. However, the flagship coin is expected to undergo a period of consolidation before experiencing a bullish breakout. The recent closure of Bitcoin price in a hammer candlestick suggests that sellers may be running out of steam.

US spot Bitcoin ETFs have seen five consecutive days of small cash inflows after a brief period of outflows.

The question now arises: Is the Bitcoin bull market coming to an end or will it continue its upward trajectory?

According to CryptoQuant, a leading on-chain analysis firm, the 60-Day Realized Market Capitalization Variance (RCV) metric is the most reliable way to gauge the current state of the Bitcoin market. This metric measures the two-month change in the realized capitalization relative to Bitcoin’s market value, making it valuable for long-term decision-making.

Based on the RCV metric, Bitcoin has entered its risk zone. However, there is still potential for further market growth, possibly reaching levels as high as 0.70, similar to what was observed in 2017. This could potentially lead to a new long-term high for Bitcoin.

Renowned crypto analyst Aurelien Ohayon, the creator of the XOR automated trading machine, believes that Bitcoin’s price movement is following a similar pattern to the 2017 macro bull market. He is confident that Bitcoin will experience a bullish breakout and reach a new all-time high (ATH) in October.

October has historically shown a strong bullish affinity, even in bear markets, thanks to the phenomenon known as “Uptober.” Ohayon has set a long-term price target for Bitcoin of over $500k in the next major bullish phase.

Tags: Bitcoin, Price Analysis