The crypto markets are about to enter the crucial phase, the Q4 trade, which has always been extremely bullish. The market dynamics tend to change here, raising the possibility of setting up a fine upswing and marking fresh highs. A similar pattern was seen during the previous trading year in 2023, where the Bitcoin (BTC) price broke out of the 6-month consolidation zone and surged by over 190% to mark a new ATH at $73,750.
Will the BTC price display a similar breakout this October? Will it form a new ATH in Q1 2025?
The Q3 2023 breakout occurred after facing extreme bearish actions. The BTC price experienced a bear market in 2022 and initiated a decent recovery at the beginning of 2023. The bulls distributed their accumulated strength throughout Q4 2023, which attracted fresh liquidity to the token. Now the market participants are expecting a similar breakout, but the BTC price may not reciprocate its previous pattern as the trading situations have varied oflet.
The BTC price is trading within a descending parallel channel and below the crucial resistance at the 200-day MA. Previously, in 2023, the price consolidated below the range for nearly 2 months, before triggering a breakout of the range. If the pattern is set to repeat, then the price may consolidate for another month. However, in the second half of the month, the bulls are expected to trigger a strong rise.
Besides, the volatility of the token has also risen this year comparatively, which keeps the bullish momentum intact for the upcoming quarter. Although the technicals suggest the price is expected to remain consolidated for some more time before it triggers a strong rise beyond the current ATH.
