Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH
16 Dicembre 2024 - 9:30AM
NEWSBTC
The Bitcoin price has continued its foray above the $100,000
threshold and is currently trading around new all-time highs.
Following its recent surge to an all-time high (ATH) above
$106,000, the Bitcoin price has played out an interesting pattern
on the 1-day candlestick timeframe, which points to an extremely
bullish outlook for the leading cryptocurrency. Notably, Master
Kenobi, a popular crypto analyst on X, revealed an extremely
bullish 88-day pattern on the Bitcoin price chart, drawing
parallels to a similar pattern from late 2023. 88-Day Pattern
Resembles Historical Symmetry On Bitcoin Price Chart Master
Kenobi’s analysis begins with the identification of an 88-day
structure that bears a striking resemblance to Bitcoin’s price
movements in Q4 2023, just before the current bull market phase
began. Taking to social media platform X, the analyst noted that
the initial 37 days of the current pattern since November 2024
mimic a similar hidden distribution phase observed last year.
Furthermore, both the price action and the daily Relative Strength
Index (RSI) indicator align closely with the previous cycle.
Related Reading: Dogecoin Fails To Follow Bitcoin’s Recent Uptick:
Is A New ATH Still Feasible This Cycle? To visualize this, he
connected critical points A1 to A2 and B1 to B2 on the relative
strength index, which highlighted the symmetrical nature of the
formations. According to Master Kenobi, the symmetry between these
sequences suggests that Bitcoin’s ongoing trajectory could mirror
its past, particularly in the next 51 days. While the analyst
emphasizes that this observation is not a precise prediction, he
believes it offers a framework for understanding Bitcoin’s behavior
based on past behavior and the current structure. Projection Points
To $124,300 By Early 2025 Bitcoin and other cryptocurrencies have
been known to repeat their previous price performance from time to
time. By analyzing historical price playouts and current patterns,
analysts and traders are provided with a context of what to expect.
Expanding on his analysis, Master Kenobi ventured into speculative
territory by sketching a predicted price path for Bitcoin.
Related Reading: XRP Price In Motion: Analyst Reveals The Next
Major Supports And Resistances The analyst speculated that the next
51-day sequence could follow a similar trajectory to the past 51
days in late 2023, culminating in a price of $124,300 by January
31, 2025. At the time of writing, Bitcoin is trading at
$105,000, having recently reached an intraday high and all-time
high of $106,352 in the past 24 hours, according to CoinGecko. The
leading cryptocurrency is already up 12% this month, and reaching
the projected price target of $124,300 would translate to a further
18% increase. Whether Bitcoin repeats its price pattern in late
2023 remains to be seen, but current price action and crypto market
sentiment suggest that the Bitcoin price has a lot of room to run
in 2025. Featured image created with Dall.E, chart from
Tradingview.com
Grafico Azioni Bitcoin (COIN:BTCUSD)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Bitcoin (COIN:BTCUSD)
Storico
Da Dic 2023 a Dic 2024