After months of decline, Bitcoin could be gearing up for a significant rally. Several analysts are forecasting that the cryptocurrency may surpass $92,000 within the next three months.
Historical Charts Show Positive Signals
According to the well-known analyst Titan of Crypto, Bitcoin is currently retesting a critical support level on the weekly chart. He suggests this could create an opportunity for the price to soar beyond $90,000.
âIn previous cycles, when the price retested the 50-week simple moving average, there was at least a 40% bounce. The average bounce was 71%. If Bitcoin were to rise by 71% from here, it would reach $92,000,â said Titan of Crypto.
On September 14, Bitcoin surpassed the psychological level of $60,000, marking the first time this had occurred since August 30. This came after a more than three-month decline, offering new hope to investors.
Bitcoinâs Historical Performance in September
According to data from CoinGlass, September has historically been a weak month for Bitcoin. With an average return of -4.69%, it stands out as the month with the worst performance. However, the months following September typically show a strong rally.
In October, Bitcoin has delivered an average return of 22.9%, followed by 46.8% in November, and 5.4% in December. November, in particular, has historically been the second-best performing month for Bitcoin.
Analysts Warn: Last Chance to Buy Before the Next Bull Run
Popular crypto trader Mags believes that the current correction could represent the last chance to buy Bitcoin before the next major rally.
âBitcoin gives three major buying opportunities before a parabolic rise. The last one comes right after the halving. This could be your last chance to buy Bitcoin cheap,â said Mags.
Anonymous on-chain analyst Checkmate echoed similar sentiments, noting that Bitcoin is in the same position as its previous two bull cycles.
âBitcoin is at exactly the same point as in the previous two cycles since its bottom. It perfectly captures the psychological time investors need to recover from a bear market,â stated Checkmate.
However, some analysts warn that Bitcoinâs current âanxiety phaseâ in September suggests the potential for further decline. The next upward movement may be triggered by the Federal Reserve meeting on September 18.
Analysts suggest that based on historical data and current charts, Bitcoin is poised for a significant rise in the coming months. Investors are advised to closely monitor the market and assess potential risks during this period.
