Analysis: Bitcoin retests the 50-week moving average and may be on the verge of three consecutive months of gains
Renowned crypto analyst Titan stated, "Bitcoin has recently retested a key support level on the weekly chart, which could bounce back to over $90,000. In previous cycles, when the price retested the 50-week simple moving average, it rebounded by at least 40%. The average rebound rate is 71%. If BTC rises 71% from here, it could reach $92,000."Historical charts indicate that Bitcoin is set for a three-month rebound. According to CoinGlass data, September has historically been a poor month for Bitcoin prices, with an average return of -4.69%, making it the most pessimistic month in terms of average returns. Historically, Bitcoin's average return in October is 22.9%, in November it is 46.8%, and in December it is 5.4%. In the last Bitcoin halving, in 2020, the price rose over 27% in October and over 42% in November, continuing a six-month upward trend that lasted until March 2021.Crypto trader Mags stated on September 15 that the current adjustment might be the last potential buying opportunity before the next round of increases. Bitcoin provided three buying opportunities before its parabolic move, with the last one occurring after the halving. This could be your last chance to buy Bitcoin at a low price before it enters a parabolic phase.Anonymous on-chain analyst Checkmate also pointed out that Bitcoin's positioning is identical to the last two bull market cycles, with Bitcoin currently in the same position as the last two cycles since the lows. I particularly like comparing cycle lows because it illustrates the psychological time investors need to recover from a bear market.
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