According to Cointelegraph, renowned crypto analyst Titan noted that Bitcoin recently retested a critical support level on its weekly chart, indicating a potential rally above $90,000. Titan noted that in previous cycles, when Bitcoinâs price retested the 50-week simple moving average, it recovered at least 40%, with an average recovery rate of 71%. If Bitcoin were to rally 71% from its current level, it could reach around $92,000.
BTC/USD, 1-week chart. Source: Titan of Crypto
Historical charts show a three-month recovery for Bitcoin. Data from CoinGlass shows that September has been a historically bad month for Bitcoin, with an average return rate of -4.69%, being the worst month on average. Historically, Bitcoinâs average return rate has been 22.9% in October, 46.8% in November, and 5.4% in December. During the last Bitcoin halving in 2020, the price continued its upward trend for six months through March 2021, rising more than 27% in October and 42% in November.
Bitcoin average monthly returns, percent. Source: CoinGlass
Cryptocurrency trader Mags noted on September 15 that the current adjustment could be the last potential buying opportunity before the next surge. Mags noted that Bitcoin provided three buying opportunities before its parabolic move, with the last one occurring after the halving. This could be the last chance to buy at a lower price before Bitcoin enters a parabolic phase. Anonymous on-chain analyst Checkmate also noted that Bitcoinâs current position is the same as the previous two bull market cycles and has been at the same point since the last low. Checkmate emphasized the importance of comparing cycle lows, as it defines the psychological recovery period that investors need to recover from a bear market.$BTC #binancehaber
