Crypto analyst Master Kenobi has spotted a bullish pattern for Bitcoin, similar to the one from a previous bull cycle, suggesting Bitcoin could rally to $169,000. This fractal pattern, which lasted 157 days previously, points to a new bullish phase starting now. The exact duration of this upward trend is uncertain, but past patterns showed a strong rally after similar setups.
Master Kenobi highlighted that the current Bitcoin cycle might see adjustments in trendlines, further aligning with historical movements. If Bitcoin replicates past behavior, it might initially dip to between $88,000 and $89,000 before surging to the projected $169,000 target by March 2. Meanwhile, Titan of Crypto noted that the bull market remains intact, provided Bitcoin doesn't fall below a critical Fibonacci retracement level.
This comes amid a recent downturn, with Bitcoin prices crashing below $93,000, yet analysts see this as typical market behavior following a major rally. The current Bitcoin price hovers around $94,000, as reported by CoinMarketCap, indicating a temporary pullback in what could be a continued upward trend.
Kaynak: www.newsbtc.com ↗