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Bitcoin might be preparing for a major three-month rally, with some analysts forecasting a break above $92,000. After a significant price drop over the last three months, the cryptocurrency is testing crucial support levels, potentially signaling the start of a bullish phase.
Bitcoin Set for Three-Month Surge
After a few months of decline, Bitcoin might be ready for a three-month surge; some analysts even anticipate a break above $92,000.
Judging on Bitcoin price patterns after halvings in the past, Cointelegraph reports, the cryptocurrency could be about to experience a three-month rise.
According to Titan of Crypto, a well-known cryptocurrency analyst, Bitcoin may be preparing to rally beyond $90,000 after it retested a crucial support level on the weekly chart.
An X post from the analyst on September 13th read:
Bitcoin Recovers Above $60K Level
On September 14, Bitcoin made its first recovery above the $60,000 psychological level since August 30. Bitstamp data shows that the price of Bitcoin has been falling for almost three months, with a decline of more than nine percent.
Historically, September has been the most negative month for Bitcoin price based on average returns, with a performance of -4.69% on average, according to data from CoinGlass.
But traditionally, following a decline in September, the price of Bitcoin has rallied for three months in a row.
October Is Bitcoin's Second-Best Month
Historically, October has been the second-best month for Bitcoin pricing, with an average monthly return of 22.9%. December has the lowest average monthly return at 5.4%.
During the prior halving year of Bitcoin in 2020, there was a six-month surge that began in October and continued until March of 2021, with prices rising by more than 27% and 42%, respectively.
In a post on September 15th, popular cryptocurrency trader Mags hinted that the current dip might be the final chance to buy before the next leg up:
Bitcoin is situated similarly to the last two bull cycles, as pointed out by anonymous onchain expert Checkmate. In a post on September 14th, X, he wrote:
The next Federal Reserve meeting on September 18 could be the catalyst for Bitcoin's next step up, but the cryptocurrency is now in its "anxiety stage," which means additional September decline is possible.
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