Bitcoin Could Hit $90,000 By October Under One Condition, Analyst Says

Bitcoin (CRYPTO: BTC) could hit $90,000 by October if September ends up being a positive month, according to market analyst Erik Crown.

The former NYSE market maker told Cointelegraph on Wednesday that he spotted all the signals he needed to call a bottom around Bitcoin’s $60,000 July low:

Crown argued that this kind of extreme apathy has historically preceded major reversals, pointing to 2015, 2019, and 2022 as prior examples.

He also flagged a simple but compelling statistic: any time Bitcoin traded more than 50% below its previous high, the median return one year later was 116%, rising to 337% at the two-year mark with a 96% win rate.

Green September Could Set Up $90,000 in October

Crown laid out his roadmap based on historical September and Q4 data going back to CME futures listing in 2018. 

When September closes green, Bitcoin has historically averaged about 6.5% gains up to the quad witching date, which would put price around $83,222, clearing the May swing high at $82,800 and flipping the weekly trend definitively bullish. 

A weekly higher high at that level, Crown argued, makes a return to a downtrend highly unlikely.

From there, October’s median return of roughly 12% applied to an $80,000 starting point puts Bitcoin above $90,000.