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Cryptocurrency analyst TradingShot recently revealed that Bitcoin’s price is shaping up similarly Fractal pattern To what happened in October 2023. This is bullish for major cryptocurrencies, considering what happened last year when the fractal pattern formed.
Bitcoin prices flash a fractal similar to October 2023
TradingShot mentioned in A TradingView Share A 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 time frame, where… Bitcoin price It is currently ranging within the 50-day moving average (MA) and the 1D 200 MA. According to him, BTC also traded similarly to a year ago precisely in the first two weeks of October 2023.
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In October 2023, BTC was said to have made a marginal break above the 1D 200 MA before quickly pulling back below it. TradingShot also revealed that Bitcoin price began a “strong long-term rally” of the channel upwards after testing and holding the 1D 50 MA, peaking on March 14 of this year, when it reached the 1D 50 MA level. Current all-time high (ATH) From $73,000.
Interestingly, Bitcoin tested and held the 1D 50 MA at the beginning of this month, suggesting that another strong long-term rally could be on the horizon. TradingShot claimed that as long as the one-week EMA 50 continues to hold as long-term support, there is a high probability that The price of Bitcoin could reach $100,000 Even before the end of this year.
From a fundamentals perspective, market experts are preferred As expected by Standard Chartered Bank That Bitcoin could reach $100,000 even before the US presidential election on November 5. Meanwhile, Bernstein analysts expect BTC to at least approach that price level based on their prediction that the flagship cryptocurrency could reach $90,000 if Donald Trump wins the election.
What’s next for leading cryptocurrencies?
the Bitcoin price It remained stagnant amid market uncertainty thanks to macro data and the upcoming US elections Growing tensions In the Middle East. This has raised questions about what to expect next from the leading cryptocurrency with such a bearish outlook. Cryptocurrency analyst Ali Martinez offered some insights, predicting that Bitcoin will soon lose the $60,000 support level.
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While Martinez noted that Bitcoin is still stuck in a bearish parallel channel, he noted that the recent rejection of the upper bound could lead to a decline to… The middle limit is at $58,000. He added that Bitcoin price may fall to a minimum of $52,000. According to him, Bitcoin’s bullish breakout will not happen until this is done Price clears $66,000.
At the time of writing, Bitcoin is trading at around $61,000, down about 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com