Bitcoin's price continues to breach the $100,000 threshold, with current trading prices approaching historical highs. Following a recent surge to above $106,000, Bitcoin's price has formed an interesting pattern on a 1-day candlestick timeframe, indicating that the leading cryptocurrency's outlook is extremely bullish.
Notably, popular crypto analyst Master Kenobi on X has revealed an extremely bullish 88-day pattern on Bitcoin's price chart, similar to patterns observed at the end of 2023.
The 88-day pattern resembles historical symmetry on Bitcoin's price chart.
Master Kenobi's analysis first identifies an 88-day structure that closely resembles Bitcoin's price action in Q4 2023, just before the current bull market phase began. On the social media platform X, the analyst noted that the initial 37 days of the current pattern since November 2024 are similar to the hidden distribution phase observed last year. Additionally, price action and the daily Relative Strength Index (RSI) are closely related to the previous cycle.
To visually illustrate this, he connected critical points A1 to A2 and B1 to B2 on the Relative Strength Index, highlighting the symmetry of the strata.
According to Master Kenobi, the symmetry between these sequences suggests that Bitcoin's sustained trajectory may reflect its past, particularly over the next 51 days. While analysts emphasize that this observation is not an exact prediction, he believes it provides a framework for understanding Bitcoin's behavior based on past actions and current structures.
Expected to reach $124,300 by early 2025.
It is well known that Bitcoin and other cryptocurrencies occasionally repeat their previous price performances. By analyzing historical price patterns and current trends, analysts and traders can gain insights into expected scenarios. Expanding on his analysis, Master Kenobi ventured into speculation by outlining Bitcoin's projected price path.
Analysts speculate that the next 51-day sequence may follow a trajectory similar to the past 51 days at the end of 2023, potentially reaching $124,300 by January 31, 2025.
According to CoinGecko data, at the time of writing, Bitcoin is trading at $105,000, recently reaching an intraday high and historical peak of $106,352 within the past 24 hours. The leading cryptocurrency has risen 12% this month, and the expected target price of $124,300 would translate to a further 18% increase. Whether Bitcoin will repeat its price pattern by the end of 2023 remains to be seen, but current price trends and market sentiment suggest significant upside potential for Bitcoin prices in 2025.
