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Crypto analyst Master Kenobi has identified a bullish pattern for the Bitcoin price, which is similar to the pattern observed in the previous bull cycle. Based on this pattern, the analyst explained why the Bitcoin price could rise to $169,000 in this cycle.
Bitcoin price could rise to $169,000 as the fractal pattern appears
In one X messageMaster Kenobi predicted that Bitcoin price could rise to $169,000 as a similar fractal pattern from the previous bull cycle unfolds again. The analyst noticed this every day Relative Strength Index (RSI) Measurements show that this fractal phase lasted 157 days last year.
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Master Kenobi further noted that Bitcoin price is replicating this 157-day range for the current period, after which this fractal phase began on August 5, 2024 and ended yesterday. Therefore, according to the fractal, this bullish phase should start today. The crypto analyst added that the exact duration of this bullish period cannot be determined. However, after last year’s 157-day fractal, Bitcoin entered a 51-day rally.
In line with this, he claimed that if the Bitcoin price follows the same pattern this year, the rally could end on March 2, with BTC reaches $169,000 by then. Master Kenobi also went further to analyze the charts. The crypto analyst mentioned that the accompanying chart has been slightly adjusted, with trendlines now emerging from the peaks reached during the cycle.
For symmetry and additional confirmation of history repeating itself, the crypto analyst noted that it would be ideal for Bitcoin price action to close near the trendline that aligns with the same zone from last year. While not essential, he explained that such a lockdown would strengthen the situation fractal alignment. If this scenario unfolds, Master Kenobi warned that BTC could first fall to between $88,000 and $89,000.
Meanwhile, the crypto analyst noted that the number of days in this cycle may not be identical to last year and could last a little longer. This would give the BTC price enough time to reach its target along both the trendline and the horizontal yellow RSI line.
BTC bull market still intact
In an X-post, crypto analyst Titan of Crypto confirmed that the Bitcoin price bull market is still intact. He revealed that this bullish momentum will continue as long as Bitcoin maintains a monthly close above the 38.2% Fibonacci retracement level.
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Bitcoin price has been in a downward trend since December last year and recently crashed below $93,000. However, Crypto’s Titan suggested this was not out of place. He noted that BTC rose 120% from August to December. As such, the crypto analyst explained that a correction is natural as the market digests this rally.
At the time of writing, the Bitcoin price is trading around $94,000, down in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com