According to expert crypto analyst Master Kenobi, a bullish trend similar to one seen during the last bull market may be developing for Bitcoin‘s price. He believes that this pattern could potentially drive the Bitcoin price up to an astonishing $169,000 in this current market cycle.
Bitcoin Price Could Rally To $169,000 As Fractal Pattern Appears
In a recent post on platform X, Master Kenobi forecasts that the value of Bitcoin might surge to $169,000 because a similar fractal pattern from the previous bull market is reappearing. The analyst pointed out that daily Relative Strength Index (RSI) readings suggest this fractal phase lasted approximately 157 days in the preceding year.
Kenobi went on to say that the current Bitcoin price pattern mirrors a 157-day sequence, starting from August 5th, 2024, and ending yesterday. Based on this fractal pattern, he suggested that a bullish phase would start today. The analyst also noted that it’s hard to predict how long this bullish trend will last. However, following the same 157-day fractal from last year, Bitcoin followed up with a 51-day surge.
According to his analysis, if Bitcoin’s price trajectory continues as it has this year, the bull run might peak on March 2, potentially reaching a value of around $169,000. Master Kenobi also delved deeper into the charts, pointing out that the chart used in his analysis has been slightly modified, with the trendlines now starting from the highest points reached during the cycle.
To bolster the idea that history may repeat itself in the world of cryptocurrency and for a more convincing validation, the crypto analyst suggested it would be beneficial if the Bitcoin price movement ends close to the line that mirrors the same area from the previous year. While not necessary, he elaborated that such a close would enhance the pattern’s alignment. If this occurs, Master Kenobi cautioned that BTC might drop to around $88,000 to $89,000 first.
In the meantime, the crypto expert pointed out that the duration of this cycle might be slightly longer than the previous one, providing ample opportunity for Bitcoin’s price to hit its goal as per both the trend line and the horizontal yellow Relative Strength Index (RSI) line.
BTC Bull Market Still Intact
In a recent post on X, renowned crypto analyst Titan of Crypto expressed confidence that the bull market for Bitcoin is ongoing. He suggested this positive trend would persist as long as Bitcoin’s monthly closing price remains above the 38.2% Fibonacci retracement level.
Since December of the previous year, Bitcoin’s price has been steadily decreasing and just dipped below $93,000. Yet, a prominent figure in the cryptocurrency world, known as Titan of Crypto, stated that this drop wasn’t unexpected. He pointed out that BTC experienced a significant increase of 120% from August to December. Consequently, this crypto analyst suggested that a correction is normal, since the market needs time to process this rally.
Currently, as I’m typing this, Bitcoin’s price stands roughly at $94,000, marking a decrease over the past 24 hours, based on information from CoinMarketCap.
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2025-01-10 21:40