Bitcoin's Potential Surge to $92,000 Analyzed by Experts

15/09 19:33

According to Odaily, renowned crypto analyst Titan has indicated that Bitcoin recently retested a crucial support level on its weekly chart, suggesting a potential rebound to over $90,000. Titan noted that in previous cycles, when Bitcoin's price retested the 50-week simple moving average, it rebounded by at least 40%, with an average rebound rate of 71%. If Bitcoin were to rise by 71% from its current level, it could reach approximately $92,000. Historical charts suggest a three-month rebound for Bitcoin. Data from CoinGlass shows that September has historically been a poor month for Bitcoin, with an average return rate of -4.69%, making it the most pessimistic month on average. Historically, Bitcoin's average return rate in October is 22.9%, 46.8% in November, and 5.4% in December. During the last Bitcoin halving in 2020, the price increased by over 27% in October and over 42% in November, continuing an upward trend for six months until March 2021. Cryptocurrency trader Mags stated on September 15 that the current adjustment might be the last potential buying opportunity before the next surge. Mags highlighted that Bitcoin provided three buying opportunities before its parabolic move, with the last one occurring post-halving. This could be the final chance to purchase Bitcoin at a lower price before it enters a parabolic phase. Anonymous on-chain analyst Checkmate also pointed out that Bitcoin's current positioning is identical to the previous two bull market cycles, being at the same point since the last low. Checkmate emphasized the importance of comparing cycle lows, as it describes the psychological recovery time investors need to bounce back from a bear market.

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