According to Cointelegraph, crypto analyst Titan pointed out that Bitcoin recently retested a key support level on the weekly chart, which could rebound to above $90,000. In previous cycles, when the price retested the 50-week simple moving average, it rebounded by at least 40%. The average rebound rate is 71%. If BTC rises 71% from here, it could reach $92,000.
Historical charts suggest a three-month rally for Bitcoin. According to CoinGlass, September has historically been a poor month for Bitcoin prices, with an average return of -4.69%, the most bearish month in terms of average return. Historically, Bitcoin has averaged returns of 22.9% in October, 46.8% in November, and 5.4% in December. In the last Bitcoin minus half-year, 2020, prices rose by more than 27% in October and more than 42% in November, continuing a six-month rally that lasted until March 2021.
