According to Cointelegraph, Titan, a well-known Crypto analyst, said, “Bitcoin recently retested a key support level on the weekly chart, which could rebound to above $90,000. In previous cycles, when the price retested the 50-week simple moving average, it rebounded by at least 40%. The average rebound rate is 71%. If BTC rises 71% from here, it could reach $92,000.”
Historical charts suggest a three-month rally for Bitcoin. According to CoinGlass, September has historically been a poor month for Bitcoin prices, with an average return of -4.69%, the most pessimistic month for average returns. Historically, Bitcoin has averaged returns of 22.9% in October, 46.8% in November, and 5.4% in December. In the last Bitcoin minus half-year, 2020, prices rose by more than 27% in October and more than 42% in November, continuing a six-month rally that lasted until March 2021.
Anonymous on-chain analyst Checkmate also pointed out that “Bitcoin is positioned in exactly the same way as the first two bull cycles, and Bitcoin is in exactly the same position as the last two cycles since the lows. I like the comparison of cycle lows the most because it describes the psychological time it takes for investors to recover from a bear market.”
