Bitcoin (BTC) Might Be Preparing for a Major Three-Month Rally, With Some Analysts Forecasting a Break Above $92,000

After a significant price drop over the last three months, the cryptocurrency is testing crucial support levels, potentially signaling the start of a bullish phase.

After a substantial price decline over the last three months, Bitcoin is now testing crucial support levels, which could herald the beginning of a bullish phase. Some analysts are even predicting a three-month surge, with a possible break above $92,000.

According to Bitcoin price patterns following past halvings, as reported by Cointelegraph, the cryptocurrency may be poised for a three-month rally.

“This would line up with what Titan of Crypto, a prominent crypto analyst, highlighted on Monday, as BTC retested a key support on the weekly chart,” the report states.

“According to the analyst, in a post on Monday, the cryptocurrency is now in the early stages of a three-month rally that could see it rise to over $90,000.”

The analysis, shared on the 13th of September by the crypto enthusiast, is denoted as a post-X on September 13th.

Bitcoin Recovers Above $60K Level on Monday

On Monday, Bitcoin recovered for the first time to a level above the psychological price of $60,000 since the 30th of August. Bitstamp data shows that the price of Bitcoin has been decreasing for almost three months, with a decline of more than nine percent.

CoinGlass data indicates that September has historically been the worst month for Bitcoin price, with an average return of -4.69%.

However, following a price decline in September, the cryptocurrency has typically rallied for three months in a row.

October Is Bitcoin's Second-Best Month

Based on average monthly returns, October has been the second-best month for Bitcoin pricing historically, at 22.9%. December has the lowest average monthly return at 5.4%.

During the prior halving year of Bitcoin in 2020, there was a six-month surge that began in October and continued until March of 2021, with prices rising by more than 27% and 42%, respectively.

In a post on the 15th of September, Mags, a well-known cryptocurrency trader, hinted that the present dip might be the last chance to buy before the next leg up.

Bitcoin is positioned similarly to the last two bull cycles, according to an anonymous onchain specialist known as Checkmate, who posts under the initials X in a post on September 14th, as highlighted by Checkmate.

The next Federal Reserve meeting on September 18 could be the catalyst for Bitcoin's next step up, but the cryptocurrency is now in its "anxiety stage," which means additional September decline is possible.