Bitcoin Price Unravels 157-Day Fractal Similar To Last Cycle, Why A Surge To $169,000 Is Possible
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Cryptographic analyzer Master Kenobi Identify a bullish pattern for Bitcoin price, which is similar to the pattern observed in the previous bullish cycle. Based on this pattern, the analyst explained why Bitcoin price rose to $169,000 this cycle.
Bitcoin price may rise to $169,000 as a fractal pattern emerges
in Share XMr. Kenobi predicted that Bitcoin price could rise to $169,000 as a similar fractal pattern from the previous bull cycle emerges again. The analyst noted this daily Relative Strength Index (RSI) Measurements indicate that this fractal phase lasted 157 days last year.
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Mr. Kenobi also pointed out that Bitcoin price repeats this 157-day sequence for the current period, then this fractal phase started on August 5, 2024, and ended yesterday. So, according to the fractal, this Rising phase You should start today. The cryptocurrency analyst added that the exact duration of this bullish period cannot be determined. However, after a 157-day fractal last year, Bitcoin entered a 51-day rally.
In line with this, he emphasized that if Bitcoin price follows the same pattern this year, the rally could end on March 2nd, with… BTC reaches $169,000 By then. Master Kenobi also went so far as to analyze the charts. The cryptocurrency analyst stated that the accompanying chart has been slightly modified, with trend lines now emerging from peaks reached during the session.
For symmetry and additional confirmation that history is repeating itself, the cryptocurrency analyst noted that it would be ideal if Bitcoin price action closed near a trend line that aligns with the same area from last year. Although this is not necessary, he explained that such a closure would strengthen… Fractal alignment. If this scenario occurs, Mr. Kenobi warned that Bitcoin could first fall to between $88,000 and $89,000.
Meanwhile, the cryptocurrency analyst noted that the number of days in this cycle may not be identical to last year and could extend a little longer. This would allow enough time for BTC price to reach its target along both the trend line and the yellow horizontal RSI line.
BTC bull market remains intact
Posted by X, Cryptocurrency Analyst Titan encryption He emphasized that the bull market for Bitcoin price is still intact. He revealed that this upward momentum will continue as long as Bitcoin maintains a monthly close above the 38.2% Fibonacci retracement level.
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Bitcoin price has been on a downtrend since December of last year and more recently It crashed below $93,000. However, Titan of Crypto pointed out that this was not out of place. He noted that Bitcoin rose 120% from August to December. As such, the cryptocurrency analyst explained that a correction is normal as the market absorbs this rise.
At the time of writing, Bitcoin is trading at around $94,000, down over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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