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crypto analyst TradingShot recently revealed that bitcoin price is forming a similar level fractal pattern to the one that occurred in October 2023. This is bullish for the flagship cryptocurrency, considering what happened last year when the fractal pattern formed.
bitcoin Prices Show Similar Fractal to October 2023
TradingShot mentioned in a bitcoin-fractal-alert-Happening-exactly-like-last-October/”>CommerceSee publication that the bitcoin fractal similar to the one that occurred in October 2023 is happening again. He explained that the similarities are most evident in the 1D time frame, where the bitcoin price It is currently within the 1D 50-day moving average (MA) and the 1D 200-day MA. According to him, btc also traded in a similar way precisely a year ago, in the first two weeks of October 2023.
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In October 2023, btc is said to have made a marginal break above the 1D 200 MA before quickly retracing below it. TradingShot further revealed that bitcoin price began its “aggressive long-term rally” from the Channel Up after it tested and held the 1D 50 MA, peaking on March 14 of this year, when it peaked. bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>current all-time high (ATH) of 73,000 dollars.
Interestingly, bitcoin tested and held this 1D 50 MA earlier this month, indicating that another aggressive long-term rally could be on the horizon. TradingShot stated that as long as the 50 1-week MA continues to hold as long-term support, there is a high probability that the bitcoin-ceo-makes-bold-prediction/” rel=”nofollow”>bitcoin price could reach $100,000 even before the end of this year.
From a fundamental perspective, market experts like bitcoin-pre-us-elections/” rel=”nofollow”>Standard Chartered has also predicted that bitcoin could reach $100,000 even before the US presidential election on November 5. Meanwhile, Bernstein analysts expect btc to at least approach this price level based on their prediction that the flagship cryptocurrency could reach $90,000 if Donald Trump wins the election.
What's next for the leading cryptocurrency?
He bitcoin price has remained stagnant amid market uncertainty thanks to macro data, the upcoming US election and crypto-market/” rel=”nofollow”>increasing tensions in the Middle East. This has raised questions about what to expect next from the leading cryptocurrency with such a bearish outlook. crypto analyst Ali Martinez has provided some insights and predicts that btc could soon lose the $60,000 support level.
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While noting that bitcoin remains stuck in a descending parallel channel, Martínez commented that a recent rejection of the upper limit could lead to a drop in the mid limit at $58,000. He added that the btc price could fall to the lower limit of $52,000. According to him, a bullish breakout for bitcoin will not occur until its bitcoin-bounce-off-66000/” rel=”nofollow”>the price exceeds $66,000.
At the time of writing, bitcoin price is trading at around $61,000, down almost 2% in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
