TechFlow reports, according to Cointelegraph, crypto analyst Titan pointed out that Bitcoin recently retested a key support level on the weekly chart, which could lead to a rebound above $90,000. In previous cycles, when price retested the 50-week simple moving average, it bounced back by at least 40%. The average rebound rate was 71%; if BTC rises 71% from here, it could reach $92,000.
Historical charts suggest a three-month rebound for Bitcoin. According to CoinGlass data, September has historically been a poor month for Bitcoin’s price performance, with an average return of -4.69%, making it the most pessimistic month on average. Historically, Bitcoin’s average return in October is 22.9%, in November 46.8%, and in December the average monthly return is 5.4%. During the last Bitcoin halving year—2020—price rose over 27% in October and more than 42% in November, continuing a six-month rally that lasted until March 2021.
