A widely followed analyst is saying a Bitcoin (BTC) bear market could set in before the end of October if history repeats itself.
The analyst pseudonymously known as Rekt Capital tells his 558,200 followers on X that the Bitcoin bull market could end anywhere between two weeks and six weeks based on historical halving cycles.
According to Rekt Capital, the crypto king’s price has traditionally peaked around mid-September or mid-October in the year after the halving.
Rekt Capital further says the current bull market cycle is weeks away from mirroring the length of the 2020/2021 bull market.
“The previous bull market lasted 152 weeks.
That’s approximately 1064 days.
Almost 3 years.
We are already 145 weeks into this bull market.”
Rekt Capital also says that while there’s a possibility of Bitcoin peaking later than is usually the case, such a potential cycle “extension probably isn’t going to be as long as most people think.”
According to Rekt Capital, bearish and bullish reversals tend to occur when least expected.
“Near Bitcoin Bear Market bottoms, people expect price to still go lower and the Bear Market to continue for much longer.
Near the Bitcoin Bull Market top, people will expect price to still go higher and the Bull Market to continue for much longer.”
Bitcoin is trading at $111,660 at time of writing, down by approximately 10% from the all-time high reached in mid-August.
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