Cryptocurrency analyst Kenobi’s master identified a bullish Bitcoin price pattern similar to that seen in the previous bull cycle. Based on this pattern, the analyst explained why Bitcoin’s price could surge as high as $169,000 this cycle.

Bitcoin price could surge to $169,000 as a fractal pattern emerges

In Post XMaster Kenobi predicted that Bitcoin’s price could surge to $169,000 when a similar fractal pattern from the previous bull cycle re-emerges. The analyst noticed this every day Relative Strength Index (RSI) Measurements indicate that last year this fractal phase lasted 157 days.

Master Kenobi further noted that Bitcoin price replicates this 157-day sequence for the current period, then this fractal phase started on August 5, 2024 and ended yesterday. Therefore, according to the fractal, it is bullish phase should start today. The cryptocurrency analyst added that the exact duration of this bullish period cannot be determined. However, after a 157-day fractal last year, Bitcoin entered a 51-day rally.

Therefore, he assured that if the Bitcoin price follows the same pattern this year, the rally could end on March 2 with BTC reaches $169,000 until then. Master Kenobi also went further by analyzing the charts. The cryptocurrency analyst mentioned that the accompanying chart has been slightly corrected, with trend lines now emerging from the highs reached during the cycle.

For symmetry and further confirmation that history is repeating itself, the cryptocurrency analyst noted that it would be ideal for Bitcoin’s price action to close near a trend line that coincides with the same zone from last year. While not necessary, he explained that such a closure would strengthen the situation fractal alignment. If this scenario comes true, Master Kenobi warned that BTC could first fall to a level between $88,000 and $89,000.

Meanwhile, the cryptanalyst noted that the number of days in this cycle may not be identical to last year and may be slightly longer. This would provide enough time for the BTC price to reach its target along both the trend line and the horizontal yellow RSI line.

BTC bull market still intact

In the post: X, cryptocurrency analyst Cryptocurrency titan confirmed that Bitcoin’s price boom is still intact. He revealed that this uptrend will continue as long as Bitcoin maintains a monthly close above the 38.2% Fibonacci retracement level.

Bitcoin price has been in a downtrend since December last year and recently dropped below $93,000. However, Titan of Crypto suggested that this is not out of place. He noted that BTC increased by 120% from August to December. As such, the cryptocurrency analyst explained that a correction is natural as the market digests this rally.

At the time of writing, Bitcoin is trading at around $94,000, down over the last 24 hours, according to data from CoinMarketCap.

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