Bitcoin Poised For 3-Month Rally, Analyst Eyes $92,000 Target
In th ftrmth of summr downturn, Bitcoin (BTC) sms poisd to rcovr nd potntilly mbrk on thr-month rlly. This optimistic forcst is supportd by historicl pric pttrns nd tchnicl indictors, with som nlysts prdicting surg tht could propl th worlds lding cryptocurrncy bov th $92,000 mrk.
Populr nlyst Titn of Crypto blivs Bitcoins rcnt pric ction ligns with historicl post-hlving trnds. In Sptmbr 13th socil mdi post, h highlightd th significnc of ky support lvl rtst on th wkly chrt. According to his nlysis, this pttrn hs historiclly ld to significnt pric incrss, with n vrg bounc of 71%. Applying this historicl vrg to th currnt pric suggsts potntil brkout bov $92,000.
This bullish outlook coms ftr Bitcoin succssfully rclimd th psychologiclly importnt $60,000 brrir on Sptmbr 14th, milston not chivd sinc lt August. Howvr, during th rcnt downwrd trnd, BTC hs lost ovr 9% in th pst thr months.
Bitcoins September Trends & Future
Historiclly, Sptmbr hs bn chllnging for Bitcoin invstors, with vrg rturns round -4.69%, mrking it s th wkst month bsd on historicl dt from CoinGlss. Nonthlss, thr is promising trnd in th subsqunt months. Following Sptmbrs downturn, Bitcoin oftn xprincs substntil rllis.
In Octobr, th cryptocurrncy typiclly chivs vrg rturns of 22.9%. This is followd by Novmbr, which stnds s th scond-bst month for BTC with historicl gins vrging 46.8%. Although Dcmbrs prformnc is mor modst, it still rcords n vrg gin of 5.4%.
Drwing prlll to 2020, prvious hlving yr, rinforcs th liklihood of significnt rlly. Bitcoin sw notbl six-month surg during tht priod, which xtndd into Mrch 2021. Prticulrly, Octobr nd Novmbr of 2020 sw imprssiv gins of ovr 27% nd 42%, rspctivly.
Notbly, prominnt crypto trdr Mgs viws th currnt mrkt corrction s prim buying opportunity hd of th nticiptd pric incrs. In socil mdi updt on Sptmbr 15, Mgs pointd out tht historiclly, Bitcoin hs offrd thr ky buying momnts bfor ntring significnt upwrd trnd. H suggsts this might b th lst chnc to purchs Bitcoin t rltivly low pric bfor notbl pric surg.
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Read more: https://www.tronweekly.com/bitcoin-poised-for-3-month-rally/
Text source: TronWeekly
