After months of price declines, Bitcoin could be gearing up for a three-month bull run, with some analysts predicting that the flagship asset will surpass $92,000.
Bitcoin price could be preparing for a three-month rally based on past post-halving patterns.
According to popular analyst Titan of Crypto, Bitcoin recently retested a key support level on the weekly chart, which could set up a rally above $90,000.
The analyst wrote in a September 13 post on X that:
“In previous cycles, when price retested the 50-week simple moving average, it bounced at least 40%. On average, the growth was 71%. If BTC rallied 71% from current levels, it could hit $92,000.”
BTC/USD 1-Week Chart | Source: Titan of Crypto
Bitcoin broke above the psychological $60,000 mark on September 14 for the first time since August 30. However, BTC has remained in a downtrend for more than three months, losing more than 9% of its value.
BTC/USD Chart – 3 Months | Source: TradingView
Past Models Show Bitcoin Will Rise in Price in Three Months
According to Coinglass, September is typically a poor month for Bitcoin, with an average return of -4.69%, making it the most pessimistic month based on average returns.
However, Bitcoin prices have increased for three consecutive months after the September downtrend.
Bitcoin Average Monthly Returns | Source: CoinGlass
Bitcoin returned an average of 22.9% in October, 46.8% in November, and about 5.4% in December.
During the previous Bitcoin halving cycle in 2020, the price increased by more than 27% in October and more than 42% in November in a six-month bull run through March 2021.
Buying Opportunity in the Final Correction Before Bitcoin Breakout?
Trader Mags wrote in a September 15 post on X that the current correction could be the last potential buying opportunity before the market enters a strong bullish momentum.
“Bitcoin has three opportunities to buy before going parabolic… The last opportunity is right after the halving and now may be the last chance to buy Bitcoin cheap before going parabolic.”
BTC/USD Post-Halving Cycle | Source: Mags
Anonymous onchain analyst Checkmate also pointed out that Bitcoin is moving in the exact same way as in the previous two bull cycles.
“Bitcoin is in the same position as it was two cycles ago since the bottom. The cycle bottom comparison often describes the psychological time it takes for investors to recover from a bear market.”
Source: Checkmate
However, Bitcoin’s “worry phase” suggests the asset is likely to decline in September, ahead of the next rally, which could be triggered by the next US Federal Reserve (Fed) meeting on September 18.
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