Cryptocurrency analyst TradingShot recently revealed that the price of Bitcoin is forming a fractal pattern similar to the one that occurred in October 2023.
This is positive for the leading cryptocurrency considering what happened last year when the fractal pattern formed.
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 most evident on the daily (1D) chart, where the Bitcoin price currently fluctuates between the 50-day and 200-day moving average (MA).
According to him, BTC also showed similar behavior exactly one year ago in the first two weeks of October 2023.
In October 2023, BTC made a slight break above the 200-day MA before quickly retreating below it.
TradingShot also revealed that Bitcoin price started its aggressive long-term rally after testing and holding the 50-day MA, peaking on March 14 this year when it reached its all-time high of $73,000.
Interestingly, Bitcoin tested and held this 50-day MA earlier this month, indicating that another aggressive long-term rally could be on the horizon.
TradingShot stated that as long as the 50-week MA continues to hold as 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 such as Standard Chartered have also predicted that Bitcoin could hit $100,000 ahead of the US presidential election on November 5.
Meanwhile, analysts at Bernstein expect BTC to reach at least close to that price level, based on their predictions that the leading cryptocurrency could hit $90,000 if Donald Trump wins the election.
What’s next for the leading cryptocurrency? Bitcoin’s price has remained stagnant amid market uncertainty due to macroeconomic data, the upcoming US elections, and rising tensions in the Middle East.
This has raised questions about what to expect next from the leading cryptocurrency with such a bearish outlook.
Cryptocurrency analyst Ali Martinez provided some insights, predicting that BTC could soon lose the $60,000 support level.
Noting that Bitcoin remains stuck in a descending parallel channel, Martinez commented that a recent rejection from the upper border could lead to a decline to the middle border at $58,000.
He added that the price of BTC could fall to the lower border at $52,000.
According to him, a bullish breakout for Bitcoin will not happen until its price surpasses $66,000.
At the time of writing, the price of Bitcoin is trading at around $61,000, down nearly 2% over the past 24 hours, according to data from CoinMarketCap.
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