Bitcoin Bullish Fractal Returns: Analyst Predicts Another Leg-Up With Price Target
07 December 2023 - 10:00AM
NEWSBTC
The recent Bitcoin rally has brought a number of things to the
forefront and one of those is a bullish Bitcoin fractal that has
not returned in two years. Crypto analyst FieryTrading was the one
to point this out in a recent analysis of the leading
cryptocurrency as something that could serve as evidence that the
rally will continue. Bitcoin Bullish Fractal Makes A Comeback The
crypto analyst pointed to a previously identified channel in the
Bitcoin price that could suggest a bullish continuation. This
channel often results after a big pump and given that BTC has added
around $15,000 to its price in the space of a month, it doesn’t get
bigger than this. As a result of this, the channel has returned,
suggesting that the BTC price could stick to this historical
fractal. Related Reading: 8 Green Candles: Here’s What Happened To
Bitcoin The Last Time It Appeared FieryTrading identified that the
fractal had appeared back in 2019 when the price jumped from around
$4,100 to $5,800. After this, the fractal had completed the move,
causing the BTC price to rise above the $6,800 level. Source:
Tradingview.com Then again in 2020, the fractal would reappear
after the BTC price rose from around $11,000 and ended around
$14,200. And just like in 2019, when the fractal was confirmed, it
saw a continuation of the bullish rally which pushed the Bitcoin
price above $16,000. Most recently, after Bitcoin’s price rose from
$28,000 to $41,000, the fractal has reappeared once more. “The
pattern that I’m talking about is a bullish channel after a big
pump that results in another big pump,” FieryTrading explains. BTC
price mounts recovery | Source: BTCUSD on Tradingview.com Where
Does This Put BTC’s Price? Following the previous performances of
the Bitcoin price whenever this fractal has appeared, it suggests
that there is still a lot of runway for the current rally. The
crypto analyst used this historical performance to map out a likely
path for the crypto’s price, putting the top of the fractal at
$48,000. Related Reading: LUNC Stuns With 300% Gains, Can It Reach
Its Previous ATH Market Cap? “Seeing how the market historically
behaved, I made the assumption that BTC would follow this fractal
and break out of the channel in the near future. One week later,
and BTC has successfully broken out of the channel, as predicted by
this fractal analysis,” FieryTrading stated. “As described in my
analysis below, I’m currently looking at 48k as the next target.
Seeing how these fractals historically behaved, 48k should be
fairly easily reached?” If this fractal does play out the way the
analyst expects, then the BTC price can be expected to add another
$6,000 to its value from here before the recovery trend ends. This
means that the leading crypto might see another 10% jump from its
current price. Follow Best Owie on X (formerly Twitter) for market
insights, updates, and the occasional funny tweet… Featured image
from Web-Mind, chart from TradingView.com
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024