Bitcoin price continued to rise above the $100,000 mark and is currently trading around up-to-date historical highs. After recently rising to an all-time high (ATH) above $106,000, Bitcoin’s price has followed an intriguing pattern on the one-day candlestick time frame, which indicates extremely bullish prospects for the leading cryptocurrency.

Notably, Master Kenobi, a popular cryptocurrency analyst on X, revealed an extremely bullish 88-day pattern on the Bitcoin price chart, drawing similarities to a similar pattern from behind schedule 2023.

The 88-day pattern resembles historical symmetry on the Bitcoin price chart

Master Kenobi analysis begins along with the identification of an 88-day structure that is strikingly similar to Bitcoin price changes in the fourth quarter of 2023just before the current bull market began. Referring to social media platform X, the analyst noted that the initial 37 days of the current pattern since November 2024 mimic a similar phase of hidden distribution seen last year. Moreover, both the price action and the daily Relative Strength Index (RSI) are closely linked to the previous cycle.

To illustrate this, he connected the critical points A1 with A2 and B1 with B2 on the relative strength index, which highlighted the symmetrical nature of the formation.

According to Master Kenobi, the symmetry between these sequences suggests that Bitcoin’s continued trajectory may reflect its past, especially over the next 51 days. While the analyst emphasizes that this observation is not a precise prediction, he believes it offers a framework for understanding Bitcoin’s behavior based on past behavior and current structure.

The forecast shows $124,300 in early 2025

Bitcoin and other cryptocurrencies have been known to repeat their previous price performance from time to time. By analyzing historical price movements and current patterns, analysts and investors gain context on what to expect. Expanding on his analysis, Master Kenobi entered speculative territory by sketching Bitcoin’s predicted price path.

The analyst speculated that the next 51-day sequence could follow a similar pattern to the previous 51 days in behind schedule 2023, reaching a price of $124,300 by January 31, 2025.

According to CoinGecko, Bitcoin is trading at $105,000 at the time of writing, having recently hit an intraday high and an all-time high of $106,352 in the last 24 hours. The leading cryptocurrency is already up 12% this month, and hitting the projected price target of $124,300 would translate into a further 18% gain. Time will tell if Bitcoin will repeat its price pattern in behind schedule 2023, but current price action and cryptocurrency market sentiment suggest that Bitcoin price has plenty of room to launch in 2025.

Featured image created with Dall.E, chart from Tradingview.com