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Crypto analyst TradingShot recently revealed that the Bitcoin price is forming a similar pattern fractal pattern with the one that took place in October 2023. This is bullish for the flagship crypto considering what happened last year when the fractal pattern formed.
Bitcoin Prices Flash Fractal Similar to October 2023
TradingShot mentioned in a TradeView post that the Bitcoin fractal similar to the one in October 2023 will happen again. He explained that the similarities are more apparent in the 1D timeframe, where the Bitcoin price is currently within the 1D 50-day moving average (MA) and the 1D 200 MA. According to him, BTC also traded the same way exactly a year ago in the first two weeks of October 2023.
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In October 2023, BTC is said to have made a marginal break above the 1D 200 MA before quickly retreating below it. TradingShot further revealed that the Bitcoin price began its “extended aggressive rally” from the Channel Up after it tested and held the 1D 50 MA, peaking on March 14 this year when it reached its high. current all-time high (ATH) of $73,000.
Interestingly, Bitcoin tested and held this 1D 50 MA early this month, indicating that another aggressive long-term rally may be in store. TradingShot claimed that as long as the 50 one-week MA continues to hold as long-term support, there is a good chance that the Bitcoin’s price could reach $100,000 even before the end of this year.
From a fundamental perspective, market experts like it Standard Chartered has also predicted this that Bitcoin could reach $100,000 even before the US presidential election on November 5. Meanwhile, Bernstein analysts expect BTC to reach at least close to this price level based on their prediction that the flagship crypto could reach $90,000 if Donald Trump wins the election.
What next for the leading crypto?
The Bitcoin price has stagnated thanks to macro data, the upcoming US elections and market uncertainty rising tensions in the Middle East. This has raised questions about what we can expect next from the leading crypto with such a bearish outlook. Crypto analyst Ali Martinez has provided some insights and predicted that BTC could soon lose the $60,000 support level.
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While noting that Bitcoin remains stuck in a descending parallel channel, Martinez noted that a recent rejection of the upper limit could lead to a decline in the price. middle limit at $58,000. He added that the BTC price could fall to the lower limit of $52,000. According to him, only a bullish breakout for Bitcoin will occur price clears $66,000.
At the time of writing, the Bitcoin price is trading around $61,000, down almost 2% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com