Cryptocurrency analyst TradingShot recently pointed out that the price #Bitcoin is forming a fractal pattern similar to the one that appeared in October 2023. This could be a sign of a further bullish trend for the leading currency, based on past developments when fractal patterns occurred.
In a TradingView post, TradingShot highlighted that the similarities become more apparent when analyzing on a 1-day timeframe, where Bitcoin is currently trading between two moving averages – the 50-day and 200-day. According to him, BTC has been trending in the same direction as last year in the first two weeks of October.
In October 2023, Bitcoin had a temporary breakout above the 200 MA before falling back below it. However, after holding the 50 MA, Bitcoin price began a “strong long-term rally”, peaking in March of this year when it recorded an all-time high of $73,000.
If the 50-week MA continues to hold as long-term support, the possibility of Bitcoin hitting $100,000 before the end of the year is very possible, TradingShot said.
At the time, Standard Chartered also said it was interested in the project. However, the current Bitcoin price continues to fluctuate amid market volatility and many macroeconomic factors. Analyst Ali Martinez reported that Bitcoin could lose its key support level at $60,000 and potentially fall further to $52,000. At the time of writing, Bitcoin is trading at around $61,000, down nearly 2% in the past hour.
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