Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH
Bitcoin price continues to cross the $100,000 mark and is currently trading Close to all-time high. Following its recent surge to all-time highs (ATH) above $106,000, Bitcoin price is exhibiting an interesting pattern on the 1-day candlestick time frame, which suggests The outlook is extremely optimistic The leading cryptocurrency.
Notably, popular cryptocurrency analyst Master Kenobi on X revealed an extremely bullish 88-day pattern on the Bitcoin price chart, similar to a similar pattern in late 2023.
The 88-day pattern resembles historical symmetry on the Bitcoin price chart
Master Kenobi’s Analysis begins An 88-day structure was identified that was consistent with Bitcoin price trend in the fourth quarter of 2023just before the current bull market phase began. Analysts noted on social media platform Additionally, price action and the daily relative strength index (RSI) indicator are closely tied to the previous cycle.
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To visualize this, he connected the key points A1 to A2 and B1 to B2 on the relative strength index, which highlighted the symmetry of the pattern.
According to Master Kenobi, the symmetry between these sequences suggests that Bitcoin’s current trajectory may mirror its past, especially over the next 51 days. While the analyst stresses that this observation is not a precise prediction, he believes that it provides a framework for understanding Bitcoin’s behavior based on past behavior and current structure.
Expected to reach $124,300 by early 2025
Bitcoin and other cryptocurrencies are known to repeat their previous price performance from time to time. By analyzing historical price movements and current patterns, analysts and traders can get an idea of what to expect. Master Kenobi expanded his analysis, venturing into the realm of speculation by outlining Bitcoin’s predicted price path.
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Analysts speculate that the next 51-day sequence may follow a similar trajectory to the past 51 days in late 2023, with the price eventually reaching $124,300 on January 31, 2025.
According to CoinGecko, Bitcoin is trading at $105,000 at the time of writing, having recently hit intraday highs and hitting an all-time high of $106,352 in the past 24 hours. The leading cryptocurrency has gained 12% this month, and reaching a projected price target of $124,300 would mean a further gain of 18%. Whether Bitcoin will repeat its price pattern by the end of 2023 remains to be seen, but current price action and cryptocurrency market sentiment suggest Bitcoin price There is still a lot of room to run in 2025.
Featured image created using Dall.E, chart from Tradingview.com
