Este artículo también está disponible en español.
Unraveling the Bitcoin Rally to $169,000: Fractal Patterns in Play
Renowned crypto analyst, Master Kenobi, has brought attention to a promising bullish pattern in Bitcoin’s price movements. This current pattern mirrors a similar configuration observed during a prior bull cycle, suggesting a potential rally to an impressive $169,000.
Fractal Patterns and Their Implications
In a recent post on X, Master Kenobi highlighted a fractal pattern akin to the last bull cycle’s dynamics. The analyst observed that the daily Relative Strength Index (RSI) readings suggest a 157-day phase similar to last year’s cycle. This period spanned from August 5, 2024, to just yesterday. If the pattern holds true, the bullish phase could be commencing today.
Forecasting the Duration and Magnitude of the Rally
Master Kenobi has indicated that while the exact length of this bullish phase remains unpredictable, last year’s 157-day fractal led to a subsequent 51-day surge. If Bitcoin follows a comparable trajectory, the rally might culminate by March 2, potentially reaching the $169,000 mark.
Analyzing Chart Patterns and Historical Trends
In his detailed analysis, Master Kenobi noted slight adjustments in the accompanying chart, with new trendlines drawn from previous cycle peaks. For historical symmetry and confirmation, he suggested that it would be ideal for Bitcoin’s price action to close near a critical trend line aligning with last year’s zone. Although not crucial, such a close would reinforce the fractal’s validity. Should this scenario unfold, there is a possibility for Bitcoin to first dip to between $88,000 and $89,000.
Potential Variations in Cycle Duration
The analyst also pointed out that the current cycle’s duration might not precisely mirror last year’s and could extend slightly, providing ample time for Bitcoin to reach its target on both the trend line and the horizontal yellow RSI line.
Sustaining the BTC Bull Market
Another crypto analyst, Titan of Crypto, has confirmed that the Bitcoin bull market remains robust as long as Bitcoin maintains a monthly close above the 38.2% Fibonacci retracement level.
Recent Market Movements and Expectations
Despite a downtrend since last December, with Bitcoin recently dipping below $93,000, Titan of Crypto indicated that these fluctuations are typical. After a 120% surge from August to December, a correction was expected as the market assimilates this growth.
Currently, Bitcoin is trading around $94,000, reflecting a slight decrease over the last 24 hours, according to CoinMarketCap data.
BTC breaks above $94,000 again | Source: BTCUSD on Tradingview.com
