Analysis: Bitcoin retests 50-week moving average, or on the verge of three-month continuous rise
On September 15, Titan, a well-known Crypto analyst, said, "Bitcoin recently retested a key support level on the weekly chart, which could rebound 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 show that Bitcoin will rebound for three months. According to CoinGlass data, September has historically been a poor month for Bitcoin prices, with an average return of -4.69%, the most pessimistic month for average returns. Historically, Bitcoin has averaged a 22.9% return in October, a 46.8% return in November, and a 5.4% monthly return in December. In the last Bitcoin halving, in 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.
Cryptocurrency trader Mags said on September 15, "The current adjustment may be the last potential buying opportunity before the next round of gains. Bitcoin offers three buying opportunities before it goes parabolic, the last one after the halving. This may be your last chance to buy Bitcoin at a low price before it goes parabolic." Anonymous on-chain analyst Checkmate also pointed out that "Bitcoin is positioned in exactly the same way as the previous two bull cycles, and Bitcoin is in exactly the same position as the last two cycles since the lows. I like the comparison of cycle lows the most because it describes the psychological time it takes for investors to recover from a bear market."
