The historical cycle is coming, and Bitcoin may reach the 9.2w USD mark
Recently, Bitcoin has been affected by the Fed's 50bp rate cut. After testing the key support level on the weekly chart, it has gone out of the mid-line level and continued to rise. This support may push Bitcoin to above 9w USD. In the previous cycle, when the price of the currency tested the 50-week MA moving average, the average price rebounded by at least 40%, and this support was effective and successful, making its rebound rate reach 71%. If Bitcoin rebounds out of the cycle, it may reach 9.2w USD, and the lowest may not be lower than the previous high of 7.5w.
The Bitcoin historical cycle icon is actually very obvious, and there will be a three-month rebound after September. According to coinglass data, September has always been a month of poor performance for Bitcoin, with an average return rate of -4.69%, which is the most pessimistic month in the average cycle. Looking back at the historical cycle, the average return rate of Bitcoin in October was 22.9%, 46.8% in November, and 5.4% in December. So under the background of the historical cycle, the macro-favorable factors are exerted simultaneously, and the arrival of the cyclical rise is not a fantasy.
At this time, friends who have experienced more than two rounds of bull and bear cycles in the currency market should be able to find that the current positioning of Bitcoin is exactly the same as the previous two months, and it is in the exact same position in the two cycles since the low point, and this position just gives investors time to regain confidence.
