Titan, a well-known Crypto analyst, said, "Bitcoin recently retested a key support level on the weekly chart, which could lead to a 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 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.
Cryptocurrency trader Mags said on September 15 that the current correction could be the last potential buying opportunity before the next leg up, Bitcoin provided three buying opportunities before going parabolic, the last one being after the halving. This could 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. [Original link]
