Crypto analyst TradingShot recently revealed that the Bitcoin price is forming a similar fractal pattern to the one that happened in October 2023. This is bullish for the flagship crypto, considering what happened last year when the fractal pattern formed.
Bitcoin Prices Flashes Fractal Similar To October 2023
TradingShot mentioned in a TradingView post that the Bitcoin fractal similar to the one that occurred in October 2023 is happening again. He explained that the similarities are more evident in the 1D timeframe, where the Bitcoin price currently ranges within the 1D 50-day moving average (MA) and the 1D 200 MA. According to him, BTC also traded similarly precisely a year ago in the first two weeks of October 2023.
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In October 2023, BTC is said to have made a marginal break above the 1D 200 MA before quickly pulling back below it. TradingShot further revealed that the Bitcoin price started its “long-term aggressive rally” of the Channel Up after it tested and held the 1D 50 MA, peaking on March 14 this year, when it hit its current all-time high (ATH) of $73,000.
Interestingly, Bitcoin tested and held this 1D 50 MA at the start of this month, indicating another long-term aggressive rally might be on the horizon. TradingShot claimed that as long as the 1-week 50 MA continues to hold as the long-term support, there is a high probability that the Bitcoin price could hit $100,000 even before the end of this year.
From a fundamentals angle, market experts like Standard Chartered have also predicted that Bitcoin could reach $100,000 even before the US presidential elections on November 5. Meanwhile, Bernstein analysts expect BTC to at least come close to this price level based on their prediction that the flagship crypto could hit $90,000 if Donald Trump wins the elections.
What Next For The Leading Crypto?
The Bitcoin price has remained stagnant amid market uncertainty thanks to the macro data, the upcoming US elections and rising tensions in the Middle East. This has raised questions about what to expect next from the leading crypto with such a bearish outlook. Crypto analyst Ali Martinez has provided some insights, predicting that BTC could soon lose the $60,000 support level.
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While noting that Bitcoin remains stuck in a descending parallel channel, Martinez remarked that a recent rejection of the upper bounder could lead to a decline to the middle boundary at $58,000. He added that the BTC price could drop to the lower boundary at $52,000. According to him, a bullish breakout for Bitcoin won’t happen until its price clears $66,000.
At the time of writing, the Bitcoin price 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
