Bitcoin is looking incredibly strong around the $97,000 mark, showing some seriously bullish patterns. Technical analysis suggests a potential huge price jump to new all-time highs.
Mirroring Past Success
A crypto analyst, “TradingShot,” noticed that Bitcoin recently bounced off its 100-day Moving Average (MA). This is a significant support level; a similar bounce in January 2024 triggered a massive rally. The current price action is eerily similar to last year’s, suggesting a repeat performance.
The analyst highlighted a “Channel Up” pattern – basically, an upward-sloping channel indicating a long-term bullish trend. Within this, there are two “accumulation channels,” where the price consolidates before surging upwards. Bitcoin’s already gone through one of these; it’s currently in the second, poised for another breakout.
Amazing RSI Symmetry
TradingShot found an amazing symmetry in the Relative Strength Index (RSI) – a technical indicator. Two “fractals” (repeating patterns) in the RSI closely mirror each other. The spacing between peaks in the current accumulation channel almost perfectly matches the spacing from the previous one. Specifically, there were 25 days between the 2nd and 3rd RSI lower highs in both instances. The gap between the 3rd and 4th RSI lower highs is also very similar (32 days currently vs. 34 days previously).
This incredibly similar pattern strongly suggests the current price action will follow the same path as before.
A $145,000 Prediction?
Based on this bullish symmetry and Fibonacci projections (a mathematical tool for forecasting price movements), TradingShot predicts a new all-time high for Bitcoin. Using the 2.618 Fibonacci extension level (which worked well in the past), the projected peak is around $145,000. This target could be reached between March and April 2025, if the pattern holds. The analyst marked this projection on a chart, highlighting it in green.
