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Bitcoin prices have continued to rise past the $100,000 threshold and are currently trading near all-time highs. Following its recent rally to an all-time high (ATH) of over $106,000, Bitcoin price is showing an interesting pattern on the daily candlestick time frame, pointing to a very bullish outlook for the leading cryptocurrency. is shown.
Notably, Master Kenobi, a popular crypto analyst at X, revealed an extremely bullish 88-day pattern on the Bitcoin price chart, showing similarities with a similar pattern in late 2023.
88-day pattern resembles historical symmetry on Bitcoin price chart
Master Kenobi's analysis begins by identifying an 88-day structure that closely resembles Bitcoin's price movement in Q4 2023, just before the start of the current bull market phase. For social media platform Moreover, both price movements and the daily Relative Strength Index (RSI) indicator are closely aligned with the previous cycle.
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To visualize this, he connected the critical points A1 and A2 and B1 and B2 of the relative strength index, emphasizing the symmetrical nature of the formation.
According to Master Kenobi, the symmetry between these sequences suggests that Bitcoin's ongoing trajectory could mirror its past, especially in the next 51 days. While the analyst emphasizes that this observation is not an accurate prediction, he believes it provides a framework for understanding Bitcoin's movement based on past movements and current structure.
Source:X
Projected to reach $124,300 by early 2025.
Bitcoin and other cryptocurrencies are known to repeat previous price performance from time to time. By analyzing past price developments and current patterns, analysts and traders can gain context of what to expect. Master Kenobi expanded his analysis and ventured into the realm of speculation by charting a predicted price path for Bitcoin.
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Analysts speculated that the next 51-day sequence could follow a similar trajectory to the previous 51-day period in the second half of 2023, and the price could reach $124,300 by January 31, 2025.
At the time of writing, Bitcoin was trading at $105,000, having recently reached an intraday high and an all-time high of $106,352 in the past 24 hours, according to CoinGecko. The leading cryptocurrency is already up 12% this month and would rise another 18% if it hits the expected price target of $124,300. It remains to be seen whether Bitcoin will repeat its price pattern in the second half of 2023, but current price trends and crypto market sentiment suggest there is significant scope for Bitcoin prices to rise in 2025. There is.
BTC Price Trends Close to New ATH | Source: BTCUSD on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
