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Bitcoin, the world’s largest cryptocurrency, may be on the cusp of a significant price surge, according to market analysts. Following a period of downward pressure, Bitcoin could be set for a three-month rally, with some experts predicting a potential breakout above $92,000.
Historical chart patterns, particularly those observed in the post-halving cycle of 2020, suggest that Bitcoin’s current price correction could be the last buying opportunity before a substantial uptrend. Popular analyst Titan of Crypto noted that in previous cycles, Bitcoin’s price typically bounced at least 40% after retesting the 50-week simple moving average.
While September has historically been a bearish month for Bitcoin, with average returns of -4.69%, the cryptocurrency has consistently rallied for three consecutive months following this downtrend. October, November, and December have historically been strong months for Bitcoin, with average returns of 22.9%, 46.8%, and 5.4% respectively.
The previous halving year, 2020, saw Bitcoin’s price surge over 27% in October and over 42% in November, leading to a six-month rally that culminated in March 2021.
Also Read: Bitcoin (BTC) to $300,000? Tether Co-founder Says Historic Patterns Point to a Post-Halving Surge
Renowned crypto trader Mags echoed the sentiment that this current correction could be the final opportunity to purchase Bitcoin at a relatively low price before a parabolic price increase. On-chain analyst Checkmate also observed that Bitcoin is currently positioned in a similar manner to the previous two bull cycles, suggesting a potential recovery from the bear market.
However, analysts caution that Bitcoin’s “anxiety stage” could pose a threat to its price in the short term, particularly ahead of the next Federal Reserve meeting on September 18. Despite this potential downside, the overall outlook for Bitcoin remains positive, with many experts anticipating a significant price surge in the coming months.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
