A recent move in Bitcoin’s price involved a quick rise followed by a quick drop, which likely caused some traders to be liquidated. This might signal a bearish trend, according to some experts. Bitcoin Hyper explained that his focus is on a particular fractal pattern that suggests a significant price surge in the coming days.
By examining Bitcoin’s price action from 2023, it’s evident that the cryptocurrency may be a month ahead of its historical trend. However, Bitcoin is already showing signs of a new upward push. The analyst points out that if this continues, higher price targets could be on the horizon, particularly due to a significant level just above the current price.
Historic Events Predict A Rally
He also pointed out a pattern similar to what happened in 2021 when Bitcoin hit $65,000 before dropping to $30,000. This pattern suggests that after a big sell-off, Bitcoin usually consolidates before making another move. If this pattern repeats, we might see some more sideways movement and a small dip, which could be a good buying opportunity before Bitcoin starts climbing again, possibly reaching a new all-time high.
The analysis brings to attention a key resistance level at $59,400, where several important factors come together. If Bitcoin can break through this level and stays above it, it could pave the way for much higher prices. He also added that Bitcoin’s 2024 price action seems to be following a similar path to 2023 but one month ahead. If this continues, we could see a major rally in September 2024, similar to what happened in October 2023.
Is $100k Possible?
He said that in previous years, like 2016, 2017, and 2020, Bitcoin often retraced to this level, which made some investors nervous. However, the price would eventually bounce back, continuing the bull market. If Bitcoin’s weekly candle closes as it currently stands, it could be a very bullish sign, indicating that the bull market is still ongoing.
Finally, they pointed out that if Bitcoin can hold above its current support levels and follow the historical pattern, we might see a significant price rally, possibly pushing Bitcoin towards $100,000.
