Bitcoin Nears Breakout as Post-Halving Parabolic Rise Expected in Late September 2024

• Bitcoin’s historical post-halving patterns indicate a potential parabolic price rise in late September, driven by cyclical behavior.
• Bitcoin’s $58,000 support and $73,000 resistance levels are crucial in defining the current price trends leading up to a potential breakout.
• Shifts in market momentum are seen as Bitcoin’s 50-day and 200-day moving averages display multiple Golden and Death Crosses in 2024.

Bitcoin’s price behavior following halving events has consistently drawn attention from market analysts. As Bitcoin reaches approximately 125 days after its most recent halving, historical patterns suggest that a price movement may be on the horizon. Bitcoin typically enters a parabolic phase around 160 days post-halving, indicating that the market could see a breakout by late September.

Historical Patterns Indicate Possible Parabolic Rise

Historically, Bitcoin’s price undergoes notable accumulation periods before and after halving events. The 2020 halving was followed by a 161-day post-halving accumulation phase, marked by increased trading volumes and a subsequent parabolic price increase. Data from previous cycles reveal that Bitcoin saw a substantial rally after this phase, which could serve as an indicator of future price movements. 

Similarly, pre-2024 halving accumulation occurred over 154 days, potentially setting the stage for a significant price rise after 126 days of post-halving accumulation. Should this pattern repeat, Bitcoin could experience a parabolic upside similar to what was observed in 2020, with potential gains in the months following September.

Support and Resistance Testing in the Current Cycle

The price analysis suggests that Bitcoin has encountered key support and resistance levels during this period. Throughout early 2024, Bitcoin’s price saw significant volatility, moving through a series of corrections and recoveries. Notably, the price found support around the $58,000 level multiple times, providing a critical floor for potential upward movement. 

At the same time, resistance has consistently appeared between $68,000 and $73,000, which the price tested without sustaining momentum. These levels continue to shape Bitcoin’s price trajectory as it nears the expected parabolic phase.

Moving Averages Indicate Shifts in Momentum

Further analysis reveals key moments of shifting market momentum based on the interplay between Bitcoin’s 50-day and 200-day moving averages. Throughout 2024, Bitcoin experienced several ‘Golden Cross’ and ‘Death Cross’ events, indicating potential bullish and bearish trends, respectively. 

Source: Santiment

A recent Death Cross in late July signaled a possible continuation of the downtrend, but recent price stabilization suggests that the market may be finding its footing near the $58,000 mark.