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Bitcoinist 2025-02-07 02:30:14

Bitcoin Shows Incredibly Bullish Symmetry At $97,000, Here Are The Details

Bitcoin Shows Incredibly Bullish Symmetry At $97,000, Here Are The Details

Bitcoin (BTC) is showing strikingly bullish patterns as its price hovers around the $97,000 mark. Technical analysis points to a rare symmetry in Bitcoin’s price action , comparing the pioneer cryptocurrency to past trends and predicting a sharp move to new all-time highs. Bitcoin Price Action Mirrors Bullish Symmetry Patterns A detailed Bitcoin price analysis by TradingView crypto analyst, ‘TradingShot,’ reveals that Bitcoin recently bounced off its 100-day Moving Average (MA) . This critical support level previously triggered a massive price rally in January 2024. Currently, the asset’s price action is mirroring its trend behavior from the previous year, where a similar bounce from the MA100 and the emergence of a bullish symmetry sparked the beginning of a rally that propelled BTC to a new all-time high. The analyst shared a chart indicating that Bitcoin is now moving within a “ Channel Up pattern ”—an upward-sloping parallel channel indicating a potential long-term bullish trend. Within this pattern, TradingShot reveals two accumulation channels, highlighting a period where the Bitcoin price consolidates before continuing its upward move. From 2023 to 2024, Bitcoin experienced its first accumulation channel. Right now, the pioneer cryptocurrency is in its second accumulation channel, preparing to break above it as it aims for a strong, bullish recovery. After thoroughly analyzing Bitcoin’s price movements, TradingShot identified “an amazing RSI-based symmetry of two fractals.” The analyst revealed that the Channel Up pattern is a dominant long-term indicator that would likely guide the BTC price to the top of the cycle . He also disclosed that BTC started its process of breaking above this pattern and potentially replicating past bullish moves that would propel it to the peak of the long-term Channel Up pattern. The analyst’s bullish Relative Strength Index (RSI) sits near the $97,000 Bitcoin price level between its two accumulation channels. In the current accumulation channel, the intervals between the RSI lower highs closely mirror those from the previous channel between 2023 and 2024. The analyst points out that in both the past and present accumulation channels, there were 25 days between the 2nd RSI lower high and the 3rd. Furthermore, the gap between the 3rd and 4th RSI lower highs is 32 days in the current channel and 34 days in the previous one. This near-perfect bullish symmetry shows that the current price action may follow the same past trends, suggesting a potential bullish continuation to a new all-time high. Fibonacci Projections Point To $145,000 By March Based on bullish symmetry patterns, TradingShot has set a new all-time high target for Bitcoin . The analyst marked the 2.618 Fibonacci extension level in both cycles on the chart. In the first cycle, BTC experienced a massive rally that pushed it to a new ATH around the $73,000 level. The projected peak for the cryptocurrency’s current market cycle is $145,000 based on the same Fibonacci ratio, highlighted in the green area on the chart. TradingShot forecasts that the Bitcoin price could reach this bullish target between March and April 2025, assuming the bullish symmetry pattern follows historical trends.

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