Bitcoin (BTC) posted another positive weekly performance in a “remarkable” September. According to data from CoinMarketCapthe first cryptocurrency is up 5.07% over the past seven days, pushing its cumulative gain this month to 11.30%. Interestingly, after the Bitcoin halving, analysts still expect a conventional market boom led by the largest digital assets.

BTC Consolidates as Breakout Momentum Gains

IN post X on Friday, popular analyst Crypto Rover predicted that the BTC price will reach $290,000 in the upcoming bull market.

Interestingly, this price projection is in line with previous statements by analysts who set a six-figure price target for BTC following the launch of spot Bitcoin ETFs, signifying increased institutional demand for the cryptocurrency market leader.

It is worth noting that over the last seven months, the price of BTC has fluctuated in the range of $55,000-70,000, which indicates a state of consolidation. According to Crypto Rover, after breaking out from the current sideways move, Bitcoin will likely enter the “banana zone”, a phase of outrageous price growth, as seen in previous bull cycles.

The cryptocurrency analyst predicts that during this period, which traditionally lasts 12-18 months, BTC trading could reach as much as $290,000, which is an enhance of 339.39% over the current price of the asset.

For many cryptocurrency enthusiasts, it is likely that the long-awaited breakout will occur in the rapidly approaching weeks as Bitcoin has now formed an inverse head and shoulders pattern, as highlighted by Crypto Rover in next post. To explain this, a reversal head and shoulders pattern is a common bullish indicator of a potential downtrend reversal. If the price breaks above the neck line on significant volume, it indicates a move towards bullish control.

This overprice sentiment is further reinforced by the upcoming Q4 that this is happening it has been proven that yes the most bullish period for Bitcoin with an average enhance of 88% over the last 11 years.

Bitcoin Exchange Stablecoins Ratio Shows a Bullish Signal

In more positive news for the Bitcoin community, the Bitcoin Exchange Stablecoin Ratio indicator is currently indicating a buy signal. According to a CryptoQuant analyst with the username EgyHash, this metric, which measures BTC reserves (in USD) relative to the exchange’s combined stablecoin reserves, is currently at the low level seen in early 2024.

OneHash explains that a low ratio indicates that investors have increased purchasing power due to the immense stablecoin holdings, which may translate into investments in Bitcoin, thus causing the price to enhance. Therefore, the current low Bitcoin exchange rate adds to the list of bullish signals for Bitcoin investors.

At the time of writing, the top cryptocurrency is still trading at $66,064, up 1.14% in the last day. Meanwhile, Bitcoin’s daily trading volume dropped by 12.92% and is valued at $32.01 billion.

Featured image from Cwallet, chart from Tradingview