🔥 Bitcoin price eyes $88,000 by year-end with incoming breakout
Bitcoin (BTC) has shaken off months of stagnation, sparking a breakout that points to a renewed bullish trajectory, with one analyst eyeing a potential surge to $88,000 by the end of 2024.
After reclaiming the $65,000 mark, bullish momentum is rapidly building for an “Uptober” rally, driven by strong technical indicators and patterns that mirror previous price surges.
Notably, Bitcoin’s current cycle exhibits fractal patterns similar to those seen in past rallies, particularly the surge from October 2023 to March 2024, as highlighted by TradingShot.
“Bitcoin has started to live up to the ‘Uptober’ meme as in recent days it picked up the pace and broke above the top of the Triangle. Based on this, we see $88000 as a strong possibility by December.” – TradingShot
Fractal patterns and key technical indicators
According to the analysis, Bitcoin’s current price action mirrors the fractal patterns that drove the powerful rally from October 2023 to March 2024.
Both cycles traded within a Triangle pattern and bottomed out with an Inverse Head and Shoulders (IH&S) pattern, a strong reversal signal that often precedes bullish moves.
The bottom took place at the same time as the Death Cross formation, where the 50-day moving average (MA50) crossed below the 200-day moving average (MA200), signaling the end of the bearish trend.
In 2023, Bitcoin saw significant upside momentum after breaking above the Lower Highs trendline of the Triangle, resulting in a rally toward the 2.0 Fibonacci extension, aligning with the projected $88,000 target for this year’s cycle.
With Bitcoin now having broken above the same trendline in October 2024, a similar breakout appears likely.
While Bitcoin is targeting $88,000 by year-end, long-term projections suggest even higher levels could be in play.
Cryptocon, a notable market analyst, has identified a potential high of $240,000 based on the Consecutive Candles 9 (CC9) indicator.
