Bitcoin Price Unravels 157-Day Fractal Similar To Last Cycle, Why A Surge To $169,000 Is Possible
cryptocurrency analyst Master Kenobi A bullish pattern has been identified for Bitcoin price, which is similar to the pattern observed during the last bull cycle. Based on this pattern, analysts explain why Bitcoin price could rise to highs of $169,000 this cycle.
Bitcoin price could rise to $169,000 as fractal pattern emerges
in a X postsMaster Kenobi predicts that Bitcoin price could rise to $169,000 as a similar fractal pattern from the last bull cycle reappears. Analysts pointed out that daily Relative Strength Index (RSI) Measurements show that this fractal phase lasted 157 days last year.
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Master Kenobi further said that Bitcoin price replicated the 157-day sequence of the current period, and then this fractal phase began on August 5, 2024, and ended yesterday. Therefore, according to the fractal, this bullish phase It should start today. The cryptocurrency analyst added that the exact duration of this bullish period cannot be determined. However, after last year’s 157-day fractal, Bitcoin entered a 51-day uptrend.
Based on this, he asserted that if Bitcoin prices follow the same pattern this year, the rally could end on March 2, Bitcoin hits $169,000 Until then. Master Kenobi further analyzed the chart. The cryptocurrency analyst mentioned that the accompanying chart has been slightly adjusted, with trend lines now derived from the peaks reached during the cycle.
For the sake of symmetry and additional confirmation of history repeating itself, crypto analysts said it would be ideal if Bitcoin price action closed near a trendline consistent with the same area last year. Although it is not required, he explained that such a closure would strengthen fractal arrangement. Master Kenobi warned that if this happens, Bitcoin could first fall to between $88,000 and $89,000.
Meanwhile, cryptocurrency analysts noted that the number of days in this cycle may differ from last year and may be slightly longer. This will give BTC price enough time to reach its target along the trendline and horizontal yellow RSI line.
BTC bull market remains intact
In X post, crypto analyst crypto titan Confirmation that the Bitcoin price bull run remains intact. He revealed that this bullish momentum will continue as long as Bitcoin’s monthly closing price remains above the 38.2% Fibonacci retracement level.
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Bitcoin price has been in a downward trend since December Dropped below $93,000. However, Crypto Titan said this is not inappropriate. He noted that BTC surged 120% from August to December. Therefore, cryptocurrency analysts explained that a correction is natural as the market digests this rally.
According to statistics, as of this writing, Bitcoin price is around $94,000, having fallen in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
