Analysts Predict 3-Month Surge for Bitcoin with $92K Target in Sight

After several months of decline, Bitcoin might be gearing up for a significant three-month rally, with some experts forecasting a surge past the $92,000 mark.

Analysts suggest that Bitcoin’s price could be on the verge of a substantial rally based on historical patterns observed after previous halvings.

Recently, Bitcoin tested a crucial support level on the weekly chart, which some, including well-known analyst Titan of Crypto, believe could pave the way for a push beyond $90,000. In a post on X (formerly Twitter) dated September 13, Titan of Crypto stated:

“In past cycles, whenever Bitcoin’s price retested the 50-week simple moving average, it rebounded by at least 40%. On average, these bounces were around 71%. If #BTC climbs 71% from this point, we could see it reaching $92,000.”

On September 14, Bitcoin managed to reclaim the $60,000 psychological level for the first time since August 30, despite being in a downward trend for over three months, during which it lost more than 9%, according to Bitstamp data.

Historical chart patterns suggest a three-month Bitcoin rally

September has traditionally been a challenging month for Bitcoin, with average returns of -4.69%, making it the most bearish month, according to CoinGlass data. However, historical patterns show that Bitcoin tends to recover strongly over the next three months following September’s downturn.

The average return for Bitcoin in October is 22.9%, while November sees an impressive average of 46.8%, making it the second-best month historically. December usually brings an additional 5.4% in average returns.

In the last Bitcoin halving year, 2020, the cryptocurrency saw gains of over 27% in October and more than 42% in November, part of a rally that extended until March 2021.

Last dip buying opportunity before the Bitcoin breakout?

This recent correction might be the final buying chance before a significant upward movement, according to prominent crypto trader Mags. In a September 15 post on X, Mags wrote:

“Bitcoin offers three chances to buy before it goes parabolic… The last opportunity comes just after the halving. This might be your last chance to purchase Bitcoin at a lower price before a parabolic rise.”

Pseudonymous on-chain analyst Checkmate also highlighted that Bitcoin is mirroring its behavior from the previous two bull markets. In a September 14 post, he remarked:

“Bitcoin is positioned in the exact same way as during the last two cycles since the cycle low. I prefer the cycle low comparison as it reflects the psychological time needed for investors to bounce back from a bear market.”

Nonetheless, Bitcoin’s current “anxiety stage” could lead to further downside risk in September, ahead of a potential rally. This upward movement could be triggered by the upcoming Federal Reserve meeting on September 18.

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