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Cryptographic analyst Master Kenobi has identified a bullish pattern for the price of bitcoin, which is similar to that observed 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 Could Rise to $169,000 as Fractal Pattern Appears
in a <a target="_blank" href="https://x.com/btc_MasterPlan/status/1877408961600561376″ rel=”nofollow”>x publicationMaster Kenobi predicted that the price of bitcoin could rise to $169,000 as a similar fractal pattern from the previous bull cycle develops again. The analyst pointed out that daily <a target="_blank" href="https://bitcoinist.com/bitcoin-hourly-chart-signals-rebound-to-95k-96k-with-bullish-rsi-divergence-analyst-says/” rel=”nofollow”>Relative Strength Index (RSI) Measurements indicate that this fractal phase lasted 157 days last year.
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Master Kenobi further commented that the bitcoin price replicates this 157-day sequence for the current period, then this fractal phase began on August 5, 2024 and ended yesterday. Therefore, according to the fractal, this <a target="_blank" href="https://bitcoinist.com/this-bitcoin-bull-cycle-might-be-the-longest-ever-top-analyst-explains-why/” rel=”nofollow”>bullish phase should start today. The crypto analyst added that the exact duration of this bullish period cannot be determined. However, after last year's 157-day fractal, bitcoin entered a 51-day rally.
In line with this, he asserted that if the price of bitcoin follows the same pattern this year, the rally could end on March 2, with <a target="_blank" href="https://bitcoinist.com/when-to-sell-your-bitcoin/” rel=”nofollow”>btc reaches $169,000 by then. Master Kenobi also went further when analyzing the graphs. The crypto analyst mentioned that the accompanying chart has been adjusted slightly, with the trend lines now originating from the peaks reached during the cycle.
For symmetry and further confirmation that history repeats itself, the crypto analyst commented that it would be ideal if bitcoin price action closed near the trend line that aligns with the same area as last year. Although this is not essential, he explained that such a closure would strengthen the fractal alignment. If this scenario plays out, Master Kenobi warned that btc could first fall to between $88,000 and $89,000.
Meanwhile, the crypto analyst noted that the number of days in this cycle may not be identical to last year and could extend a little longer. This would give enough time for the btc price to reach its target along both the trend line and the yellow horizontal line of the RSI.
btc bull market remains intact
In a post x, crypto analyst <a target="_blank" href="https://bitcoinist.com/bitcoin-coinbase-premium-index-flips-positive/” rel=”nofollow”>Cryptocurrency titan He stated that the bitcoin price bull market remains 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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bitcoin price has been in a downtrend since December last year and recently <a target="_blank" href="https://bitcoinist.com/bitcoin-price-crashes-below-93000-top-3-reasons/” rel=”nofollow”>crashed below $93,000. However, Titan of crypto suggested that this was not out of line. 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, bitcoin price is trading at around $94,000, a drop in the last 24 hours, according to <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
