Bitcoin retests 50-week moving average, on the verge of three-month winning streak

Titan, a well-known Crypto analyst, said, "Bitcoin recently retested a key support level on the weekly chart, which could rebound above $90,000. In previous cycles, when the price retested the 50-week simple moving average, it rebounded at least 40%. The average rebound rate is 71%. If BTC rises 71% from here, it may reach $92,000." Historical charts show that Bitcoin will rebound in three months. According to CoinGlass data, September has historically been a poor month for Bitcoin prices, with an average return of -4.69%, the most pessimistic month in terms of average return. Historically, Bitcoin has an average return of 22.9% in October, 46.8% in November, and 5.4% in December. In the last Bitcoin halving, in 2020, the price rose by more than 27% in October and more than 42% in November, continuing a six-month rise that lasted until March 2021. Cryptocurrency trader Mags said on September 15, "The current adjustment may be the last potential buying opportunity before the next round of gains. Bitcoin provides three buying opportunities before the parabolic trend, and the last one is after the halving. This may be your last chance to buy Bitcoin at a low price before Bitcoin goes parabolic." Anonymous on-chain analyst Checkmate also pointed out that "Bitcoin is positioned in exactly the same way as the previous two bull market cycles. Bitcoin is in exactly the same position as the last two cycles since the lows. I like the comparison of cycle lows the most because it describes the psychological time it takes for investors to recover from a bear market."