Bitcoin May Hit New All-Time Highs as Analyst Highlights SOPR Similarities to Pre-Bull Market Patterns

Despite facing significant price fluctuations marked by a notable crash on August 5 that saw its value dip to $49,000, Bitcoin is undergoing crucial support retests

Bitcoin price analysis suggests a potential retest of crucial support levels, aiming for a recovery from recent price declines. Despite the challenges faced by the largest cryptocurrency, there are indicators of upcoming price upticks.

Crucial Support Retests for Bitcoin (BTC)

After a notable crash on August 5 that saw Bitcoin’s value dip to $49,000, the cryptocurrency experienced a brief recovery, rising to approximately $65,000. However, this was followed by another decline, with BTC dropping to around $52,000 last Friday.

Despite these challenges, Bitcoin is undergoing crucial support retests, which may indicate a larger trend. As highlighted by crypto analyst Crypto Con, the spent output profit ratio (SOPR) for Bitcoin is revealing.

According to Con, previous peaks have correlated with the 1.0 value line on the SOPR chart. At this point, the cryptocurrency typically finds a bottom before entering a bull market phase.

This cyclical behavior has been consistent around specific months—October, August, and September. Interestingly, this aligns with the recent recession predictions, which suggest that the U.S. economy may experience a downturn in September, much like in September 2023 and at the cycle bottom in November 2022 following crypto exchange FTX’s implosion.

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If we connect the dots, the current indicators suggest that Bitcoin may be on the verge of a significant price uptick, potentially surpassing its previous all-time highs. This bullish sentiment is bolstered by historical data that show Bitcoin’s propensity to break through past peaks, as seen in the chart above.

Is September A ‘Fake-Breakdown Month’?

In a more granular analysis of short-term price action, fellow analyst Rekt Capital pointed out that Bitcoin’s weekly close above $53,250 is crucial for maintaining the support level within the bargain-buying range of $52,000 to $55,000.

This range forms beneath a downward-trending channel spotted by the analyst at $56,500 on Bitcoin’s weekly chart. Rekt emphasizes that reclaiming $55,881 as support would be essential for Bitcoin to build momentum and attempt a recovery within the channel.

Moreover, Rekt highlights an interesting observation. According to his analysis, September could be a “fake-breakdown month.”

Historical data indicate that September typically sees an average monthly return of -5%, while October averages 22.90%. This pattern suggests that any support that the Bitcoin price appears to have lost during the past month could be swiftly

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