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Crypto analyst Master Kenobi pointed to a bullish pattern for the price of Bitcoin, similar to that seen in the previous bull cycle. Based on this pattern, the analyst explained why the price of Bitcoin could reach as high as $169,000 in this cycle.
Bitcoin Price Could Reach $169,000 As Fractal Pattern Appears
In an X postMaster Kenobi predicted that the price of Bitcoin could reach $169,000 as the same fractal pattern from the previous bull cycle reappears. Commentator noted that daily Relative Strength Index (RSI) estimates show that this fractal phase lasted 157 days last year.
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Master Kenobi also noted that the price of Bitcoin repeats this sequence of 157 days of the current period, and this fractal phase began on August 5, 2024, and ended yesterday. So, according to the fractal, this bullish phase it should start today. The crypto analyst added that the exact time of this bullish period cannot be determined. However, after the 157-day fractal last year, Bitcoin entered a 51-day rally.
In line with this, he asserted that if the price of Bitcoin follows the same pattern this year, the rally could end on March 2, BTC reaches $169,000 at that time. Master Kenobi once again proceeded to analyze the charts. The crypto analyst pointed out that the accompanying chart has been slightly corrected, and the trend lines are now moving from the peaks reached during the cycle.
For more measurement and confirmation of history repeating itself, the crypto analyst noted that it would be good if the price action of Bitcoin closes near the trend line that corresponds to the same area from last year. Although this is not essential, he explained that such intimacy will strengthen fractal alignment. If this situation continues, Master Kenobi warned that BTC could fall first between $88,000 and $89,000.
Meanwhile, the crypto analyst noted that the number of days in this cycle may not be the same as last year and may extend slightly. This will allow enough time for BTC price to reach its target on both the trend line and the yellow horizontal RSI line.
BTC Bull Market Still Strong
In X post, crypto analyst Crypto Titan confirmed that the Bitcoin price bull market is still strong. He indicated that this bullish momentum will continue as long as Bitcoin maintains a monthly close above the 38.2% Fibonacci retracement level.
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The price of Bitcoin has been at a low level since December of last year and recently crashed below $93,000. However, the Crypto Titan suggested that this was not the case. He noted that BTC increased by 120% from August to December. As such, the crypto analyst explained that the correction is natural as the market digests this rally.
At the time of writing, the price of Bitcoin is trading around $94,000, down from the last 24 hours, according to data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com