Crypto Analyst Master Kenobi has identified a bullish pattern for the Bitcoin price, which was seen in the previous bull cycle. Based on this pattern, the analyst explained why the price of Bitcoin could rise to $169,000 in this cycle.
Bitcoin price may reach $169,000 as fractal pattern appears
in one X postMaster Kenobi predicted that the price of Bitcoin could reach $169,000 as a similar fractal pattern from the previous bull cycle is re-emerging. The analyst noted that daily Relative Strength Index (RSI) Measurements show that this fractal phase lasted 157 days last year.
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Master Kenobi further commented 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, it Acceleration phase Should start today. The crypto 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.
Additionally, he asserted that if the price of Bitcoin follows the same pattern this year, the rally could end on March 2, leading to BTC is approaching $169,000 Until then. Master Kenobi also proceeded to analyze the chart. The crypto analyst mentioned that the accompanying chart has been slightly adjusted, with the trendlines now starting from the peaks reached during the cycle.
As for symmetry and additional confirmation of history repeating itself, the crypto analyst commented that it would be ideal if the Bitcoin price action closes close to the trend line that aligns with the same zone from last year. Although it is not necessary, he explained that such a closure would provide strength Fractal consistency. If this scenario unfolds, Master Kenobi warned that BTC may first fall between $88,000 and $89,000.
Meanwhile, crypto analysts noted that the number of days in this cycle may not be the same as last year and may be a little longer. This will give BTC price enough time to reach its target along both the trend line and the horizontal yellow RSI line.
The BTC bull market is still intact
In an X post, Crypto Analyst The titan of crypto confirmed that the Bitcoin price bull market is still intact. He revealed 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 on a downward trend since December last year and recently Crashed below $93,000. However, the titan of crypto suggested that this was not out of place. He noted that BTC rose 120% from August to December. As such, the crypto analyst explained that a correction is natural as the market digests this rally.
At the time of writing, the price of Bitcoin is trading at around $94,000, down in the last 24 hours, according to data From CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
