After several months of decline, Bitcoin might be setting up for a significant rally, potentially surpassing $92,000 in the next three months according to some analysts.
Bitcoin’s recent movements on the charts hint at an upcoming surge, rooted in historical patterns observed after previous halving events.
Bitcoin BTC tickers down $60,177 recently touched a crucial support level on its weekly chart, which might serve as a springboard for an impressive climb, suggests noted analyst Titan of Crypto.
“In previous cycles, when the price retested the 50-week simple moving average, it bounced at least 40%. On average, the bounce was 71%. If #BTC rallies 71% from here, it could reach $92,000,” he stated in a Sept. 13 X post.
Bitcoin recently reclaimed the $60,000 mark on Sept. 14, for the first time since Aug. 30. Over the past three months, the cryptocurrency has seen a 9% drop, per Bitstamp data.
Historically, September has often seen dips in Bitcoin’s price, with average returns around -4.69%, marking it as a typically bearish month, data from CoinGlass suggests.
However, following September’s usual downturn, Bitcoin has often rallied for three consecutive months.
Bitcoin averages returns of 22.9% in October, 46.8% in November — historically the second-best month for Bitcoin — and 5.4% in December.
During the last Bitcoin halving in 2020, the cryptocurrency’s value increased by over 27% in October and over 42% in November, part of a six-month rally that continued into March 2021.
This recent pullback might represent a pivotal buying opportunity before Bitcoin’s value escalates, according to popular crypto trader Mags, who shared on Sept. 15:
“Bitcoin gives three chances to buy before it goes parabolic… The last is right after the halving. This could be your last chance to buy Bitcoin cheap before it goes parabolic.”
Checkmate, a pseudonymous onchain analyst, also noted that Bitcoin’s current positioning mirrors its stance during past bull cycles. He elaborated on Sept. 14:
“Bitcoin is in the exact same spot as the last two cycles since the low. I prefer the cycle low comparison the most as it describes the psychological time it takes for investors to recover from a bear market.”
