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Bitcoin price has continued its quest above the $100,000 threshold and is currently trading around new all-time highs. After the recent surge to an all-time high (ATH) above $106,000, Bitcoin price has shown an interesting pattern on the one-day candlestick timeframe, indicating a extremely bullish outlook for the leading cryptocurrency.
Notably, Master Kenobi, a popular crypto analyst on
88-day pattern resembles historical symmetry on Bitcoin price chart
Master Kenobi analysis begins with the identification of an 88-day structure that bears a striking similarity to Bitcoin price movements in the fourth quarter of 2023just before the current bull market phase began. On social media platform Furthermore, both the price action and the daily Relative Strength Index (RSI) indicator closely match the previous cycle.
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To visualize this, he connected the critical points A1 to A2 and B1 to B2 on the relative strength index, highlighting the symmetrical nature of the formations.
According to Master Kenobi, the symmetry between these ranges suggests that Bitcoin’s continued trajectory could reflect its past, especially over the next 51 days. While the analyst emphasizes that this observation is not a precise prediction, he believes it provides a framework for understanding Bitcoin’s behavior based on past behavior and current structure.
The projection points to $124,300 in early 2025
Bitcoin and other cryptocurrencies are known to repeat their previous price performance from time to time. Analyzing historical price trends and current patterns gives analysts and traders a context of what to expect. Building on his analysis, Master Kenobi ventured into speculative territory by outlining a predicted price path for Bitcoin.
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The analyst speculated that the next 51-day streak in late 2023 could follow a similar trajectory to the past 51 days, culminating in a price of $124,300 on January 31, 2025.
At the time of writing, Bitcoin is trading at $105,000, having recently reached an intraday high and all-time high of $106,352 in the past 24 hours, according to CoinGecko. The leading cryptocurrency is already up 12% this month, and reaching the expected price target of $124,300 would translate into a further 18% upside. Whether Bitcoin repeats its price pattern in late 2023 remains to be seen, but current price action and sentiment in the crypto market suggest that the Bitcoin price still has a lot of room to run in 2025.
Featured image created with Dall.E, chart from Tradingview.com