Cryptocurrency analyst TradingShot recently revealed that the price of Bitcoin is similar fractal pattern to the one that took place in October 2023. This is a bullish result for the flagship cryptocurrency, considering what happened last year when a fractal pattern formed.

Bitcoin Prices Flash Fractal Like October 2023

TradingShot mentioned wa TradeView entry that a Bitcoin fractal similar to what happened in October 2023 is happening again. He explained that the similarities are more apparent in the 1D time frame, where Bitcoin price it is currently trading within the 50-day moving average (MA) 1D and 200 MA. According to him, BTC also traded similarly exactly one year ago, in the first two weeks of October 2023.

In October 2023, BTC is said to have slightly broken above the 1D 200 MA before quickly falling below it. TradingShot further revealed that Bitcoin price began a “long-term, aggressive rally” on Channel Up after testing and holding the 1D 50 MA index, peaking on March 14 this year when it reached its current all-time record (ATH) amount of $73,000.

Interestingly, Bitcoin tested and held the 1D 50 MA level earlier this month, indicating that another long-term, aggressive rally may be on the horizon. TradingShot stated that as long as the one-week 50 MA provides long-term support, there is a high probability that Bitcoin price could reach $100,000 before the end of this year.

From a fundamental perspective, market experts like it Standard Chartered also made the prediction that Bitcoin could reach $100,000 before the US presidential election on November 5. Meanwhile, Bernstein analysts expect BTC to at least approach that price level based on their prediction that the flagship cryptocurrency could reach $90,000 if Donald Trump wins the election.

What’s next for the leading cryptocurrency?

The Bitcoin price remains stagnant in the face of market uncertainty thanks to macro data, upcoming US elections and growing tensions in the Middle East. This has raised questions about what to expect next from a leading cryptocurrency with such a bearish outlook. Crypto analyst Ali Martinez offered some insights, predicting that BTC may soon lose the $60,000 support level.

Noting that Bitcoin is stuck in a bearish parallel channel, Martinez noted that the recent rejection of the upper boundary could lead to a decline in the price the middle limit at $58,000. He added that the price of BTC could fall to the lower limit of $52,000. According to him, Bitcoin’s bullish breakout won’t happen until it happens price is $66,000.

At the time of writing, Bitcoin is trading at around $61,000, down almost 2% in the last 24 hours, according to data from CoinMarketCap.

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