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Bitcoin could see 3-month rally, targeting $92,000

GrafaGrafa2024/09/15 20:15
By:Mahathir Bayena

Bitcoin (CRYPTO:BTC) could be on the brink of a substantial rally, with analysts forecasting a potential rise to $92,000 in the coming months.

Following a period of decline, recent price movements suggest that Bitcoin may be primed for a bullish breakout, based on historical post-halving trends. 

Popular analyst Titan of Crypto noted that Bitcoin recently retested a crucial support level on the weekly chart. 

"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 #BTC rallies 71% from here, it could reach $92,000," he wrote on September 13.

Bitcoin's recovery above the $60,000 psychological mark on September 14, its first time reaching this level since August 30, follows a three-month period of decline during which the cryptocurrency's price dropped over 9%, according to Bitstamp data.

Historical data suggests a strong likelihood of a three-month Bitcoin rally following September, traditionally the worst month for the cryptocurrency with an average return of -4.69%, based on CoinGlass data. 

After such a downturn, Bitcoin has historically posted gains, averaging 22.9% in October, 46.8% in November, and 5.4% in December. 

During the previous halving year in 2020, Bitcoin surged over 27% in October and more than 42% in November.

Some analysts view this moment as a final opportunity for investors to buy Bitcoin before a major upswing. 

Crypto trader Mags commented, "Bitcoin gives three chances to buy before it goes parabolic… The last is right after the halving. This could be your last chance to buy Bitcoin cheap before it goes parabolic."

Pseudonymous on-chain analyst Checkmate pointed out that Bitcoin's current positioning closely mirrors the start of the last two bull cycles. 

"Bitcoin is in the exact same spot as the last two cycles since the low," he wrote on September 14, indicating a potential setup for a significant rally.

At the time of reporting, the Bitcoin (BTC) price was $59,823.18.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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