As a seasoned cryptocurrency analyst with over a decade of experience in the financial markets, I have seen my fair share of market trends and patterns. The similarity between the current Bitcoin price fractal and the one that occurred in October 2023 is indeed intriguing. Having closely observed the market dynamics since then, I am inclined to believe that this could be a bullish signal for Bitcoin.
According to Crypto analyst TradingShot, there’s a striking resemblance between the current Bitcoin price pattern and one that emerged in October 2023. If history repeats itself as it did last year when this pattern appeared, it suggests a positive outlook for Bitcoin.
Bitcoin Prices Flashes Fractal Similar To October 2023
TradingShot mentioned in a TradingView post that the Bitcoin fractal similar to the one that occurred in October 2023 is happening again. He explained that the similarities are more evident in the 1D timeframe, where the Bitcoin price currently ranges within the 1D 50-day moving average (MA) and the 1D 200 MA. According to him, BTC also traded similarly precisely a year ago in the first two weeks of October 2023.
In October 2023, Bitcoin is reported to have briefly surpassed its daily 200 moving average before retreating below it again. As per TradingShot’s analysis, the price of Bitcoin began a significant upward trend (referred to as “long-term aggressive rally”) within the Channel Up pattern following its test and hold of the daily 50 moving average. This rally peaked on March 14 of this year, reaching its current record high (ATH) of $73,000 after touching it.
It’s worth noting that at the beginning of this month, Bitcoin has tested and held steady around its 1-day 50 Moving Average. This could suggest that we might be in for another strong, long-term upward trend. According to TradingShot, if the 1-week 50 MA maintains as a support level, it’s quite likely that Bitcoin’s price may reach $100,000 or more before the year ends.
According to a fundamental perspective, some market experts such as Standard Chartered anticipate that Bitcoin might soar to $100,000 before the US presidential election scheduled for November 3. On the other hand, analysts from Bernstein believe that Bitcoin could potentially reach this price point or very close to it, predicting a $90,000 value if Donald Trump wins the elections.
What Next For The Leading Crypto?
In spite of market turbulence due to factors like macroeconomic data, upcoming US elections, and Middle Eastern conflicts, Bitcoin’s price has held steady. This stability has sparked speculation about what lies ahead for the leading cryptocurrency given its bearish forecast. Crypto expert Ali Martinez offers some perspectives, suggesting that BTC might imminently break the $60,000 support level.
While noting that Bitcoin remains stuck in a descending parallel channel, Martinez remarked that a recent rejection of the upper bounder could lead to a decline to the middle boundary at $58,000. He added that the BTC price could drop to the lower boundary at $52,000. According to him, a bullish breakout for Bitcoin won’t happen until its price clears $66,000.
Currently, as I’m typing this, Bitcoin’s price stands approximately at $61,000. In the past day, it has dropped nearly 2%. This information is sourced from CoinMarketCap.
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2024-10-11 02:10