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bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent rise to an all-time high (ATH) above $106,000, bitcoin price has developed an interesting pattern on the 1-day candle time frame, pointing to a <a target="_blank" href="https://bitcoinist.com/bitcoin-cme-options-data-signals-big-move-ahead-details/” rel=”nofollow”>extremely bullish outlook for the leading cryptocurrency.
Notably, Master Kenobi, a popular crypto analyst on x, revealed an extremely bullish 88-day pattern on the bitcoin price chart, drawing parallels with a similar pattern from late 2023.
The 88-day pattern resembles a historical symmetry on the bitcoin price chart
Master Kenobi<a target="_blank" href="https://x.com/btc_MasterPlan/status/1868430748421914701″ rel=”nofollow”> analysis begins with the identification of an 88-day structure that bears a striking resemblance to bitcoin Price Movements in Q4 2023just before the current phase of the bull market began. Referring to social media platform Furthermore, both the price action and the daily Relative Strength Index (RSI) indicator are closely aligned with the previous cycle.
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To visualize this, he connected the critical points A1 to A2 and B1 to B2 in the relative strength index, which highlighted the symmetrical nature of the formations.
According to Master Kenobi, the symmetry between these sequences suggests that bitcoin's current trajectory could reflect its past, particularly in the next 51 days. While the analyst emphasizes that this observation is not an accurate prediction, he believes that it offers a framework for understanding bitcoin's behavior based on past behavior and current structure.
The projection points to $124,300 in early 2025
bitcoin and other cryptocurrencies are known to repeat their previous price behavior from time to time. By analyzing historical price movements and current patterns, analysts and traders receive context of what to expect. Expanding on his analysis, Master Kenobi ventured into speculative territory by outlining a predicted price trajectory for bitcoin.
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The analyst speculated that the next 51-day sequence could follow a similar trajectory to the last 51 days in late 2023, culminating in a price of $124,300 on January 31, 2025.
At the time of writing, bitcoin is trading at $105,000, having recently reached an intraday high and an all-time high of $106,352 in the last 24 hours, according to CoinGecko. The leading cryptocurrency is already up 12% this month, and hitting the projected price target of $124,300 would translate into a further 18% increase. It remains to be seen if bitcoin will repeat its price pattern by the end of 2023, but current price action and crypto market sentiment suggest that bitcoin price has plenty of room to run in 2025.
Featured image created with Dall.E, chart from Tradingview.com
