Bitcoin $60,106could be preparing for a new rally after several months of decline, with some analysts predicting that the cryptocurrency could rise above $92,000 in the next three months.
Historical Charts Give Positive Signals
Popular analyst Titan of Crypto noted that Bitcoin is retesting a critical support level on the weekly chart, which could create an opportunity for the price to rally above $90,000.
“In previous cycles, when the price retested the 50-week simple moving average, there was a bounce of at least 40%. The average bounce was 71%. If Bitcoin goes up 71% from here, it could reach $92,000.” — Titan of Crypto
Bitcoin broke above the psychological level of $60,000 on Sept. 14. This was the first time this has happened since Aug. 30 and came after a downtrend that lasted more than three months.
Historical Performance of September
According to CoinGlass data, September has historically been a weak month for Bitcoin, with average returns of -4.69%, making it the month with the lowest declines. However, a rally is usually observed in the three months following September.
Bitcoin returns an average of 22.9% in October, 46.8% in November, and 5.4% in December, with November in particular standing out as the second-best performing month historically.
Analysts Warn of Latest Buying Opportunity
Popular crypto trader Mags noted that the current correction could be the last buying opportunity before the next major rally.
“Bitcoin gives you three buying opportunities before it goes parabolic. The last one is right after the halving. This could be your last chance to buy Bitcoin cheaply.” — Mags
Anonymous on-chain analyst Checkmate also stated that Bitcoin is in the same position as the previous two bull cycles.
“Bitcoin is in the exact same spot as the previous two cycles since the bottom. It best describes the psychological time it takes for investors to recover from a bear market.” — Checkmate
However, Bitcoin’s “anxiety phase” points to the potential for further declines in September, with the next bullish move likely to be triggered by the Federal Reserve meeting on September 18.
Based on historical data and charts, analysts predict that Bitcoin could experience a significant rise in the coming months. Investors are advised to carefully follow market movements and evaluate possible risks during this period.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
