Crypto analyst Master Kenobi has identified a bullish pattern for the price of Bitcoin, which is similar to the one seen in the previous bull cycle. Based on this pattern, the analyst explained why the price of Bitcoin could rally as high as $169,000 in this cycle.
Bitcoin price could rally to $169,000 as a fractal pattern emerges
In the X postMaster Kenobi predicted that the price of Bitcoin could rally to $169,000 as a fractal pattern similar to the previous bull cycle appears again. The analyst noted that every day Relative Strength Index (RSI) Measurements indicate that this fractal phase lasted 157 days last year.
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Master Kenobi also said that the Bitcoin price repeats this 157-day streak for the current period, and this fractal level started on August 5, 2024, and ended yesterday. So, according to the fractal, this bullish level should start today. The crypto analyst said that the exact length of this bullish period cannot be determined. However, after last year's 157-day fractal, Bitcoin entered a 51-day rally.
According to this, he said that if the price of Bitcoin follows the same pattern this year, the rally could end on March 2, with BTC reaches $169,000 before that time. Master Kenobi also went further to examine the records. The crypto analyst said that the accompanying chart has changed slightly, with trend lines now coming from the peaks reached during the cycle.
For symmetry and confirmation as well as history repeating itself, the crypto analyst said that it would be ideal if Bitcoin's price action closes close to the transition line that corresponds to the same zone from last year. Although this is not necessary, he explained that such compression would strengthen the fractal alignment. If this situation emerges, Master Kenobi warned that BTC may fall first to between $88,000 and $89,000.
At the same time, the crypto analyst noted that the number of days in this cycle may not be the same as last year and may extend a little longer. This allows enough time for BTC price to reach the target on both the trend line and the horizontal yellow RSI line.
BTC Bull Market Still Complete
In post X, crypto analyst Titan of Crypto confirmed that the Bitcoin price bull market is still intact. It appeared that this supportive trend will continue as long as Bitcoin maintains a monthly close above the 38.2% Fibonacci level.
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The price of Bitcoin has been declining since last December and recently has fallen below $93,000. However, Titan of Crypto suggested that this was not out of place. He noted that BTC rose 120% from August to December. Therefore, the crypto analyst explained that a correction is natural because 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 by Dall.E, chart from Tradingview.com
