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Bitcoin price has continued its rally above the $100,000 mark and is currently trading around new all-time highs. After its recent rise to the top (ATH) above $106,000, Bitcoin price played an interesting pattern in the 1-day candlestick timeframe, indicating very bullish view of the leading cryptocurrency.
Notably, Master Kenobi, a famous crypto analyst on X, revealed an 88-day pattern on the Bitcoin price chart, drawing a similar pattern from the end of 2023.
88-Day Pattern Similar to Historical Symmetry on Bitcoin Price Chart
Master Kenobi’s analysis begins with the identification of a very similar 88-day structure Bitcoin price movements in Q4 2023just before the start of a bull market phase. When it comes to social media X, the analyst noted that the first 37 days of the current pattern from November 2024 mimics the same hidden distribution phase seen last year. Furthermore, both the price action and the daily Relative Strength Index (RSI) are closely related to the previous cycle.
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To visualize this, connect the key points A1 to A2 and B1 to B2 on the relative strength index, which highlights the equilibrium state of the composition.
According to Master Kenobi, the comparison between these sequences suggests that the ongoing trajectory of Bitcoin may be similar to the previous period, especially in the next 51 days. Although the analyst emphasizes that this observation is not an accurate prediction, he believes that it provides a framework for understanding Bitcoin’s behavior based on past behavior and current structure.
Projection Points At $124,300 By Early 2025
Bitcoin and other cryptocurrencies are known to repeat their previous price performance from time to time. By analyzing historical price performance and current patterns, analysts and traders are given a context of what to expect. Expanding on his analysis, Master Kenobi ventured into the realm of speculation by charting a predicted price path for Bitcoin.
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The analyst assumed that the next 51-day sequence could follow the same trajectory as the previous 51 days in late 2023, which culminated in a price of $124,300 on January 31, 2025.
At the time of writing, Bitcoin is trading at $105,000, having just reached an intraday high and a high of $106,352 in the last 24 hours, according to CoinGecko. The leading cryptocurrency has already risen 12% this month, and reaching the target price of $124,300 will translate into an additional 18% rise. Whether Bitcoin repeats its price pattern in late 2023 remains to be seen, but current price action and crypto market sentiment suggest that Bitcoin’s value it has a large operational space in 2025.
The featured image was created with Dall.E, a chart from Tradingview.com
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