Bitcoin On Track For $92,000 ‘Bounce’ In 3 Months, Analyst Predicts
16 September 2024 - 3:30PM
NEWSBTC
Bitcoin (BTC) appears to be bouncing off its summer slumber, say
analysts who believe the asset could rebound in the coming months.
Recent technical indications and charts suggest that BTC could be
on the cusp of a significant price move. The cryptocurrency is
geared for a bounce that could take the asset far beyond $92,000,
despite recent losses. Related Reading: The Sandbox (SAND) Sets
Sights On 1,111% Growth Amid Crypto Market Pressures Short-Term
Projection Bitcoin’s immediate technical projection points to a
possibly positive trend. Right now, Bitcoin is selling 39.27% below
its projected price for next month, according to CoinCheckup.
Still, an increase is seen in the coming week; short-term signs
suggest a possible comeback. With forecasts of a 70.68% gain, this
momentum might open the path for significant price rise over the
next three months. These short-term signs could point to a buying
opportunity before a bigger rise starts. Past Performance And
Forecasts This price movement of Bitcoin coincides with trends that
have been exhibited during past halving events. According to
popular analyst Titan of Crypto, the current trend goes in line
with most the previous trends, especially the post-halving periods
that have been the source of various significant movements.
#Bitcoin Rally Imminent? 🚀 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. pic.twitter.com/e3ghGxn3NS — Titan of
Crypto (@Washigorira) September 13, 2024 Titan underlined on the
weekly chart a significant support level retest on September 13th,
which historically has resulted in average price gains of 71%.
According to his analysis based on historical data, Bitcoin might
soon surpass the $92,000 mark, therefore attaining a new record for
the currency. For Bitcoin, it’s always been a challenging month
because average returns come in at around -4.69%. But history would
tell a different tale when the following months, especially October
and November, go on to reflect considerable increases. In October,
Bitcoin has normally delivered average gains of 22.9%; in November,
46.8%.This trend supports the present projection of a possible
comeback, therefore strengthening the belief that Bitcoin might
bounce back rather powerfully in the next months. Bitcoin Long-Term
Outlook In the long-run, the prospect of Bitcoin remains very
promising. It will almost certainly rise upward with an estimation
of 102% for the next six months and a chance to rise within the
year by 166%. This would show intense market confidence in the
future of the virtual currency and might even let Bitcoin continue
outperforming at its current low. Related Reading: FET: 30%
Breakthrough Draws Investor Attention As New Developments Roll Out
The ability of the cryptocurrency to recover the $60,000 level
lately shows a good change in market attitude, which prepares the
ground for the possible price gains. All things considered,
historical patterns and present technical indications of Bitcoin
point to a bright future. Although current losses and short-term
difficulties create hazards, generally the pattern shows a big
comeback and possible price surge. Bitcoin is a good asset for both
present and future benefits since investors who negotiate the
short-term volatility could be well-positioned to profit from the
expected long-term development. The chances for a strong comeback
for Bitcoin seem more feasible as the market steadies and momentum
gathers. Featured image from Pexels, chart from TradingView
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