Bitcoin’s price continues to rise above the $100,000 mark and currently trades at around new all-time highs. Bitcoin’s price, after its recent jump to a new all-time record (ATH), above $106,000 has shown an interesting pattern at the 1 day candlestick timeframe. This suggests that the Bitcoin market is headed for an upward trend. extremely bullish outlook For the top cryptocurrency.
Master Kenobi, a crypto analyst who is popular on X revealed a very bullish 88 days pattern on the Bitcoin Price Chart, comparing it to a pattern that was seen in late 2023.
The Bitcoin price chart shows an 88-day pattern that resembles historical symmetry
Master Kenobi’s analysis begins With the identification of an 8-day structure, which is strikingly similar to Bitcoin’s price movements in Q4 2023Just before the bull market began, an analyst noted that 37 days of this current pattern since November 2024 resembled a similar hidden distribution phase observed last year. The analyst, who posted on social media platform X noted that the first 37 days of this current pattern from November 2024 are similar to a hidden distribution phase last year. The price movement and daily Relative Strength Index indicator (RSI), align with previous cycles.
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He connected the critical points of A1 to the A2 and the B1 to the B2 in the relative strengths index to illustrate the symmetry.
Master Kenobi believes that the symmetry of these sequences could suggest Bitcoin’s future trajectory, especially in the coming 51 days, will mirror the past. The analyst stresses that his observation isn’t a prediction but he thinks it provides a framework to understand Bitcoin’s behaviour based on its past and current structure.
Projections Point to $124.300 in Early 2025
Bitcoins and other cryptocurrency have a tendency to reproduce past performance. Analysts and traders can get a better idea of the future by analyzing past price patterns and current trends. Master Kenobi went beyond his original analysis to venture into speculation by sketching out a projected price path for Bitcoin.
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The analyst predicted that the price would reach $124.300 on January 31 2025, if the 51-day cycle followed a similar path to the 51-day series in the past.
According to CoinGecko, Bitcoin was trading at $105,000 as of the writing of this article. It had recently hit an intraday and lifetime high of $106,352 within the last 24 hours. Bitcoin is up by 12% in the past month. Reaching the projected $124,300 price would represent an additional 18% gain. Bitcoin’s price may repeat itself in 2023, although it is unclear. However, current prices and sentiment on the crypto markets suggest that Bitcoin will continue to rise. has a lot of room to run in 2025.
Featured image was created using Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com
