After months of decline, Bitcoin is gearing up for a three-month rally, with some analysts predicting it could top $92,000.
Based on past technical models after the halving of Bitcoin mining rewards, Bitcoin prices may be about to embark on a three-month surge, with Bitcoin currently quoted at about $58,697.
Popular cryptocurrency analysis Titan of Crypto points out that Bitcoin recently retested key support levels on the weekly chart, which is expected to pave the way for Bitcoin to rise above $90,000. In a post last week, he said:
In previous cycles, when prices retested the 50-week simple moving average, they rallied by at least 40%. On average, the rebound was 71%. If Bitcoin surges 71% from now, it could climb to $92,000.
#Bitcoin Rally Imminent?
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#BTCrallies 71% from here, it could reach $92,000. pic.twitter.com/e3ghGxn3NS
— Titan of Crypto (@Washigorira) September 13, 2024
On September 14, Bitcoin once regained the $60,000 mark, the first time since August 30.
Bitcoin prices have historically underperformed in September, with an average decline of 4.69%, making it the worst month of the year in terms of average returns, according to CoinGlass. However, after a downtrend in September, Bitcoin has a history of surging for three consecutive months.
Source: CoinGlass
Bitcoin gained an average of 22.9% in October; 46.8% in November, typically the second-best month for Bitcoin prices; followed by an average gain of 5.4% in December.
In 2020, the year of the last Bitcoin halving, the price rose by 27% in October; by 42% in November, and then continued to rise for 6 months until March 2021.
Mags, another popular cryptocurrency trader, said that Bitcoin’s current retracement correction may be the last buying opportunity before the next wave of gains. He pointed out:
Bitcoin typically gives 3 buying opportunities before it goes on a parabolic uptrend…the last one being after the halving. This could be your last chance to buy Bitcoin cheap before it surges significantly.
#Bitcoin gives three chances to buy before it goes parabolic.
– The first is near the market bottom.– The second is a few months before the halving.– The last is right after the halving.
This could be your last chance to buy Bitcoin cheap before it goes parabolic. pic.twitter.com/b5gdbkpWyA
— Mags (@thescalpingpro) September 15, 2024
An on-chain analyst who goes by the pseudonym Checkmate also pointed out that Bitcoin seems to be replicating the trend of the previous two bull markets. He said:
Bitcoin’s current position is quite consistent with the lows of the previous two bull cycles. I prefer to use cycle lows for comparison because they better reflect the psychological time it takes for investors to recover from a bear market. "
Uncanny#Bitcoinis 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.
Upside measures are not relevant, but duration can be. pic.twitter.com/vV4hdpu0cf
— _Checkmate (@_Checkmatey_) September 14, 2024
However, Bitcoin is currently in a so-called "anxiety phase," which could bring more downward pressure in September. In other words, Bitcoin is likely to pull back further before the Federal Reserve (Fed) interest rate decision meeting on September 18, but this meeting may also become a catalyst for the next wave of gains.
In market turmoil, opportunities often come quietly.
〈Bitcoin will celebrate “three consecutive months of surge”? Analyst: The currency price is expected to reach US$92,000> This article was first published on "Blocker".
