Bitcoin is showing signs of recovery, with many analysts predicting a major bull run ahead. After months of stagnation, Bitcoin could hit $90,000, according to historical patterns. Investors are waiting for the coin to break out of its downtrend and enter a three-month bull run.
Bitcoin just retested a key support level and could surge as much as 71% to $92,000, analysts say.
“Titan of Crypto,” a popular expert, shared on X (formerly Twitter) on September 13 that when Bitcoin price retested the 50-week SMA in previous cycles, it typically bounced at least 40%.
On September 14, Bitcoin crossed the $60,000 mark, creating a positive signal despite having previously fallen 9% over the past three months.
September is typically a tough month for Bitcoin, but October, November, and December typically see significant average gains. Trader Mags believes this could be the last chance to buy Bitcoin before prices surge.
In previous years, Bitcoin recorded an average return of 22.9% in October, 46.8% in November, and 5.4% in December. In 2020, Bitcoin increased by more than 27% in October and 42% in November, extending the uptrend until March 2021.
Analysis from “Checkmate” shows that Bitcoin is repeating its previous bullish cycle. However, the market may still face a correction before continuing its rally, especially after the Fed meeting on September 18.
