After months of downtrend, Bitcoin could be poised for a three-month bull run, with some analysts predicting a breakout above $92,000.
Bitcoin price may be on the verge of a three-month bull run based on chart patterns after historic halvings.
Bitcoin (BTC) recently retested a key support level on the weekly chart, which could set it up for a rally beyond $90,000, according to popular analyst Titan of Crypto.
The analyst wrote in a post on X on September 13:
“In previous cycles, when price retested the 50-week simple moving average, it bounced at least 40%. On average, the increase was 71%. If#BTCrallies 71% from here, it could hit $92,000.”
Bitcoin recovered above the psychological $60,000 mark on September 14 for the first time since August 30. According to data from Bitstamp, the price of Bitcoin has been in a downtrend for more than three months, during which it has fallen by more than 9%.
Historical Chart Patterns Suggest Three-Month Bull Run for Bitcoin
September has historically been the worst performing month for Bitcoin price, with an average return of -4.69%, making it the most bearish month based on average returns, according to CoinGlass data.
Historically, however, Bitcoin prices have risen for three consecutive months following the September downtrend.
Bitcoin had an average return of 22.9% for October, 46.8% for October one — historically the second-best month for Bitcoin price — and an average monthly return of 5.4% for October two.
In 2020, the year of the previous Bitcoin halving, the price rose more than 27% in October and more than 42% in October one in a rally that lasted until March 2021.
Last Buying Opportunity Before Bitcoin Breaks Out?
The current correction could be the last potential buying opportunity before prices continue to jump, according to popular crypto trader Mags, who wrote in a September 15 X post:
“Bitcoin offers three opportunities to buy before it explodes… The last one is right after the halving. This could be your last chance to buy Bitcoin cheaply before it goes up in flames.”
Anonymous on-chain analyst Checkmate also noted that Bitcoin is positioned exactly as it was in the previous two bull cycles. He wrote in a post on X on September 14:
“Bitcoin is in the same position as the previous two cycles since bottoming. I like the bottom cycle comparison the most because it describes the psychological time it takes for investors to recover from a bear market.”
