Bitcoin 
$93,976 may be gearing up for a new rally after a few months of decline. Some analysts predict that the cryptocurrency could exceed $92,000 within the next three months.
Historical Charts Signal Positive Trends
Popular analyst Titan of Crypto highlighted that Bitcoin has retested a critical support level on the weekly chart. This situation presents an opportunity for the price to potentially rise above $90,000.
“In previous cycles, when the price retested the 50-week simple moving average, it experienced at least a 40% bounce. The average bounce was 71%. If Bitcoin rises by 71% from here, it could reach $92,000.” — Titan of Crypto
Bitcoin broke above the psychological level of $60,000 on September 14. This marked the first such occurrence since August 30, following over three months of a downward trend.
September’s Historical Performance
According to CoinGlass data, September has historically been a weak month for Bitcoin. The average returns show a decline of -4.69%, making it the most bearish month. However, typically, a rally follows in the subsequent three months.
Bitcoin yields an average return of 22.9% in October, 46.8% in November, and 5.4% in December. Notably, November stands out as the month with the second-best historical performance.
Analysts Warn of Final Buying Opportunity
Popular crypto trader Mags indicated that the current correction could represent the final buying opportunity before the next major upswing.
“Bitcoin provides three buying opportunities before entering a parabolic rise. The last is immediately after halving. This might be your last chance to buy Bitcoin at a low price.” — Mags
Anonymous on-chain analyst Checkmate also stated that Bitcoin is in a position similar to its previous two bull cycles.
“Bitcoin is currently at the exact point as in the previous two cycles since its bottom. It represents the best psychological timing for investors to recover from the bear market.” — Checkmate
However, Bitcoin’s “fear phase” in September suggests there may still be room for further decline. The next upward movement is thought to be triggered by the Federal Reserve meeting on September 18.
Analysts forecast a significant rise for Bitcoin in the coming months based on historical data and charts. Investors are advised to closely monitor market movements and evaluate potential risks during this period.
