Crypto analyst Master Kenobi has recognized a bullish sample for the Bitcoin value, which has similarities to 1 that was noticed within the earlier bull cycle. Based on this sample, the analyst defined why the Bitcoin value might rally to as excessive as $169,000 on this cycle.
Bitcoin Price Could Rally To $169,000 As Fractal Pattern Appears
In an X post, Master Kenobi predicted that the Bitcoin value might rally to $169,000 as an identical fractal sample from the earlier bull cycle is once more unfolding. The analyst famous that every day Relative Strength Index (RSI) measurements point out that this fractal section lasted 157 days final 12 months.
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Master Kenobi additional remarked that the Bitcoin value replicates this 157-day sequence for the present interval, then this fractal section started on August 5, 2024, and ended yesterday. Therefore, in line with the fractal, this bullish phase ought to start at this time. The crypto analyst added that the precise length of this bullish interval can’t be decided. However, after the 157-day fractal final 12 months, Bitcoin entered a 51-day rally.
In line with this, he asserted that if the Bitcoin value follows the identical sample this 12 months, the rally might finish on March 2, with BTC reaching $169,000 by then. Master Kenobi additionally went additional to research the charts. The crypto analyst talked about that the accompanying chart has been barely adjusted, with trendlines now originating from the peaks reached throughout the cycle.
For symmetry and extra affirmation of historical past repeating itself, the crypto analyst remarked that it will be very best if the Bitcoin value motion closes close to the development line that aligns with the identical zone from final 12 months. Although this isn’t important, he defined that such an in depth would strengthen the fractal’s alignment. If this situation unfolds, Master Kenobi warned that BTC might first fall to between $88,000 and $89,000.
Meanwhile, the crypto analyst famous that the variety of days on this cycle is probably not equivalent to final 12 months and will lengthen barely longer. This would enable enough time for the BTC value to succeed in its goal alongside each the development line and the horizontal yellow RSI line.
BTC Bull Market Still Intact
In an X submit, crypto analyst Titan of Crypto affirmed that the Bitcoin value bull market continues to be intact. He revealed that this bullish momentum will proceed so long as Bitcoin maintains a month-to-month shut above the 38.2% Fibonacci retracement stage.
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The Bitcoin value has been on a downtrend since December final 12 months and just lately crashed below $93,000. However, Titan of Crypto prompt that this wasn’t misplaced. He famous that BTC surged by 120% from August to December. As such, the crypto analyst defined {that a} correction is pure because the market digests this rally.
At the time of writing, the Bitcoin value is buying and selling at round $94,000, down within the final 24 hours, in line with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
