Bitcoin may be on the brink of a three-month rally after months of declines, with some analysts predicting it could surpass $92,000.
Bitcoin price could be on the brink of a three-month rally based on historical chart patterns following the halving.
Bitcoin BTCUSD According to popular analyst Titan of Crypto, Bitcoin has recently retested a key support level on the weekly chart, which could lead to a rally above $90,000.
The analyst wrote in a Sept. 13 X post:
“In previous cycles, when price retested the 50-Week Simple Moving Average, there was a bounce of at least 40%. On average, the bounce rate was 71%. If #BTC rises 71% from here, it could reach $92,000.”
On Sept. 14, Bitcoin recovered above the psychological level of $60,000 for the first time since Aug. 30. According to data from Bitstamp, Bitcoin's price has been on a downward trend for more than three months, dropping by more than 9% in that time.
Historical chart patterns suggest a three-month rally for Bitcoin
According to data from CoinGlass, September has historically been a weak month for Bitcoin price performance, with an average return of -4.69%, making it the weakest month based on average returns.
However, Bitcoin prices have historically risen for three consecutive months after dropping in September.
Bitcoin’s average return in October was 22.9%, 46.8% in October (the second highest month in history for Bitcoin prices), and 5.4% in December.
In 2020, the year of the last Bitcoin halving, prices rose by more than 27% in October and 42% in November, sparking a six-month bull run that ended in March 2021.
Last low buying opportunity before Bitcoin breakout?
Popular crypto trader Maggs wrote in a Sept. 15 post on X that this correction could be the last buying opportunity before the next uptrend.
“You have three chances to buy Bitcoin before it spikes… The last chance is right after the halving. It may be your last chance to buy Bitcoin cheap before it spikes.”
Anonymous on-chain analyst Checkmate also noted that Bitcoin is in the exact same position as it was during the last two bull runs. In a Sept. 14 post on X, he wrote:
“Bitcoin has been in the exact same position since the lows as it has been in the past two cycles. I like the comparison to cycle lows the most because it represents the psychological time it takes investors to recover from a bear market.”
However, Bitcoin’s “fear phase” threatens the possibility of a further decline in September ahead of the next upswing that could be catalyzed by the next Federal Reserve meeting on Sept. 18.
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