Analysis
September 15, 2024 10:41 PM
Bitcoin may be on the brink of a significant three-month rally, with some analysts forecasting a potential price breakout above $92,000. This prediction follows a retest of a key support level on the weekly chart, suggesting a possible upward trajectory.
According to popular analyst Titan of Crypto, Bitcoin has historically bounced back significantly after retesting the 50-week simple moving average. If Bitcoin rallies by 71% from its current position, it could reach the $92,000 mark. Despite a recent downtrend, Bitcoin recovered above $60,000 on September 14, signaling potential for a bullish phase.
This correction may represent the last opportunity to buy Bitcoin at a lower price before a potential parabolic move, as suggested by crypto trader Mags. Historical data shows that Bitcoin often rallies for three months following a September downtrend, with October and November historically yielding strong returns.
The upcoming Federal Reserve meeting on September 18 could serve as a catalyst for Bitcoin's next leg up. Onchain analyst Checkmate noted that Bitcoin's current positioning mirrors previous bull cycles, indicating a potential for significant gains in the coming months.
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