Bitcoin

After several months of downward movement, Bitcoin may be poised for a three-month rally, with some analysts predicting a breakout above $92,000.
Bitcoin’s price could be on the brink of a three-month rally based on historical post-halving chart patterns.
Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) recently retested a key support level on the weekly chart, which could set it up for a rally above $90,000, according to popular analyst Titan of Crypto.
The analyst <a data-ct-non-breakable="null" href="https://x.com/Washigorira/status/1834535703318856172/photo/1" rel="noopener noreferrer nofollow" target="null" text="null" title="null">wrote</a> in a Sept. 13 X post:
<blockquote>
 “In previous cycles, when the price retested the 50-week simple moving average, it bounced at least 40%. On average, the bounce was 71%. If #BTC rallies 71% from here, it could reach $92,000.”
</blockquote>
<figure><img alt="Bitcoin set for 3-month historic rally as analysts eye $92K BTC" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191f519-eb74-75ea-b62f-a4a138d77945">
 <figcaption style="text-align: center;">
 BTC/USD, 1-week chart. Source: <a data-ct-non-breakable="null" href="https://x.com/Washigorira/status/1834535703318856172/photo/1" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/Washigorira/status/1834535703318856172/photo/1">Titan of Crypto</a>
 </figcaption>
</figure>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-level-60k-september-crypto-analysts" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin recovered above the $60,000</a> psychological mark on Sept. 14, for the first time since Aug. 30. Bitcoin price is in an over three-month downtrend, during which it fell over 9%, according to Bitstamp <a data-ct-non-breakable="null" href="https://www.tradingview.com/chart/3Z94myyP/?symbol=BITSTAMP%3ABTCUSD" rel="noopener noreferrer nofollow" target="null" text="null" title="null">data</a>.
<figure><img alt="Bitcoin set for 3-month historic rally as analysts eye $92K BTC" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191f51a-abff-7184-928c-494c2a444180">
 <figcaption style="text-align: center;">
 BTC/USD, 3-month chart. Source: TradingView
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-millionaire-james-fickel-43m-loss" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Crypto millionaire loses $43 million in Ether-Bitcoin trading bet</a>
<h2 id="historical-chart-patterns-suggest-a-three-month-bitcoin-rally">Historical chart patterns suggest a three-month Bitcoin rally</h2>
September has historically been a month of poor performance for Bitcoin price, with average returns at -4.69%, making it the most bearish month based on average returns, <a data-ct-non-breakable="null" href="https://www.coinglass.com/today" rel="noopener noreferrer nofollow" target="null" text="null" title="null">according</a> to CoinGlass data.
However, Bitcoin price has historically rallied for three consecutive months after September’s downtrend. 
<figure><img alt="Bitcoin set for 3-month historic rally as analysts eye $92K BTC" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191f51b-0e0e-7bb2-95bb-261685ee2c33">
 <figcaption style="text-align: center;">
 Bitcoin average monthly returns, percentage. Source: <a data-ct-non-breakable="null" href="https://www.coinglass.com/today" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.coinglass.com/today">CoinGlass</a>
 </figcaption>
</figure>
Bitcoin averages 22.9% returns for October, 46.8% for October — historically the second-best month for Bitcoin price — and 5.4% average monthly returns for December.
During the previous <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-halving" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin halving</a> year, 2020, the price rose over 27% in October and over 42% in November in a six-month rally that lasted until March 2021.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-crypto-overreach-investors-15b-deaton" rel="noopener noreferrer nofollow" target="null" text="null" title="null">SEC crypto ‘overreach’ cost small investors $15B: John Deaton</a>
<h2 id="last-dip-buying-opportunity-before-the-bitcoin-breakout">Last dip buying opportunity before the Bitcoin breakout?</h2>
This current correction could be the last potential buying opportunity before the next leg up, according to popular crypto trader Mags, who <a data-ct-non-breakable="null" href="https://x.com/thescalpingpro/status/1835219500091785595/photo/1" rel="noopener noreferrer nofollow" target="null" text="null" title="null">wrote</a> in a Sept. 15 X post:
<blockquote>
 “Bitcoin gives three chances to buy before it goes parabolic… The last is right after the halving. This could be your last chance to buy Bitcoin cheap before it goes parabolic.”
</blockquote>
<figure><img alt="Bitcoin set for 3-month historic rally as analysts eye $92K BTC" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191f51c-baef-7ec1-b599-72b649dbf87c">
 <figcaption style="text-align: center;">
 BTC/USD, post-halving cycle. Source: <a data-ct-non-breakable="null" href="https://x.com/thescalpingpro/status/1835219500091785595/photo/1" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/thescalpingpro/status/1835219500091785595/photo/1">Mags</a>
 </figcaption>
</figure>
Pseudonymous onchain analyst Checkmate also pointed out that Bitcoin is positioning in the exact same way as during the previous two bull cycles. He <a data-ct-non-breakable="null" href="https://x.com/_Checkmatey_/status/1834899951786070282/photo/1" rel="noopener noreferrer nofollow" target="null" text="null" title="null">wrote</a> in a Sept. 14 X post:
<blockquote>
 “Bitcoin is in the exact same spot as the last two cycles since the low. I prefer the cycle low comparison the most as it describes the psychological time it takes for investors to recover from a bear market.”
</blockquote>
<figure><img alt="Bitcoin set for 3-month historic rally as analysts eye $92K BTC" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191f51d-00f9-79ef-b5fc-a25b49c4f239">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/_Checkmatey_/status/1834899951786070282/photo/1" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/_Checkmatey_/status/1834899951786070282/photo/1">Checkmate</a>
 </figcaption>
</figure>
However,<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-anxiety-stage-september-losses-silver-lining" rel="noopener noreferrer nofollow" target="null" text="null" title="null"> Bitcoin’s “anxiety stage”</a> threatens more potential September downside, ahead of the next leg up, which could be catalyzed by the next Federal Reserve meeting on Sept. 18. Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/simple-change-save-ethereum-roadmap-to-hell/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Proposed change could save Ethereum from L2 ‘roadmap to hell’</a>

Bitcoin set for 3-month historic rally as analysts eye $92K BTC

Table of Contents

Cointelegraph

Other articles published on Sep 15, 2024

What Does This Whale Know? 20 Million XRP Moved From Upbit in Secret Transfer

Eowyn Chen Discusses Challenges and Future of Crypto Wallets

Bitcoin (BTC) Price Prediction for September 15

Rocky Rabbit Enigma and SuperSet Combo for September 15

Binance Futures Surprises with Weekend Listing! Here’s the Altcoin You Should Know

Analysts Assess Bitcoin’s October Potential

Join our free newsletter for daily crypto updates!