Bitcoin is gearing up for a historic three-month growth as analysts eye a price target of $92,000 for BTC
After several months of downward movement, Bitcoin may be poised for a three-month rally, with some analysts predicting its price could exceed $92,000.
Based on historical chart patterns following halvings, Bitcoin may be on the verge of a three-month rally.
According to well-known analyst Titan of Crypto, Bitcoin (BTC) recently tested a key support level on the weekly chart that could set it up for a rally above $90,000.
In a post on September 13, the analyst stated:
In previous cycles, when the price retested the 50-week simple moving average, it increased by at least 40%. On average, the bounce was 71%. If #BTC increases by 71% from here, it could reach $92,000.
On September 14, Bitcoin surpassed the psychological barrier of $60,000 for the first time since August 30. According to Bitstamp data, Bitcoin has been in a downward trend for over three months, during which it has fallen more than 9%.
Historical chart patterns indicate a potential three-month rise for Bitcoin.
According to CoinGlass data, September has historically been a weak month for Bitcoin’s price, with an average return of -4.69%, making it the most bearish month based on average returns.
However, Bitcoin’s price has historically increased for three consecutive months following September’s downturn.
The average return for Bitcoin in October is 22.9%, with November seeing an impressive 46.8%—historically the second-best month for Bitcoin’s price—followed by a 5.4% average return in December.
During the last halving cycle in 2020, Bitcoin’s price rose over 27% in October and more than 42% in November, part of a six-month rally that continued until March 2021.
Is this the last buying opportunity before Bitcoin’s breakout?
According to Meg, a popular crypto trader, this current correction could represent the last potential buying opportunity before the next phase:
Bitcoin gives three opportunities to buy before it parabolically increases… The last opportunity is right after the halving. This could be your last chance to buy Bitcoin at a low price before it goes parabolic.
Checkmate, an anonymous on-chain analyst, also noted that Bitcoin is positioned similarly to how it was during the previous two bullish cycles. In a post on September 14, he wrote:
Bitcoin is exactly at the same point as in the past two cycles from the lows. I prefer comparing this cycle to the previous lows because it reflects the psychological time needed for investors to recover from a bear market.
