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Bitcoin price has continued to rise above the $100,000 threshold and is currently trading About new all-time highs. After its recent surge to an all-time high (ATH) above $106,000, Bitcoin price played an interesting pattern on the 1-day candlestick time frame, which indicates… Very bullish outlook For the leading cryptocurrency.
It is worth noting that Master Kenobi, a popular cryptocurrency analyst on
The 88-day pattern resembles historical symmetry on the Bitcoin price chart
Master Kenobi Analysis begins Outlining an 88-day structure that bears a striking resemblance to Bitcoin price movements in the fourth quarter of 2023before the current bull market phase begins. Turning to the social media platform Furthermore, price action and the daily Relative Strength Index (RSI) are closely aligned with the previous cycle.
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To visualize this, he linked the critical points A1 to A2 and B1 to B2 on the RSI, which highlighted the symmetrical nature of the formations.
According to Mr. Kenobi, the symmetry between these sequences suggests that Bitcoin’s ongoing trajectory could reflect its past, especially in the next 51 days. While the analyst stresses that this observation is not an accurate prediction, he believes it provides a framework for understanding Bitcoin’s behavior based on past behavior and current structure.
Projections are for $124,300 by early 2025
Bitcoin and other cryptocurrencies are known to repeat their past price performance from time to time. By analyzing historical quotes and current patterns, analysts and traders are provided with context of what to expect. Expanding on his analysis, Mr. Kenobi ventured into speculative territory by charting a forecast price path for Bitcoin.
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The analyst speculated that the next 51-day sequence could follow a similar path to the previous 51 days in late 2023, peaking at $124,300 by January 31, 2025.
At the time of writing, Bitcoin is trading at $105,000, having recently reached an intraday high and an all-time high of $106,352 over the past 24 hours, according to CoinGecko. The leading cryptocurrency is already up 12% this month, and reaching the expected target price of $124,300 would lead to another 18% increase. It remains to be seen if Bitcoin repeats its price pattern in late 2023, but current price action and cryptocurrency market sentiment suggest that Bitcoin It has a lot of scope for operation in 2025.
Featured image created with Dall.E, chart from Tradingview.com