CandleFocus Bitcoin Price Flashes Fractal Similar To October 2023, Here’s What Happened Last Time
2024-10-11
Author: Content Editor
Crypto analyst TradingShot has observed that the Bitcoin price is forming a fractal pattern similar to one that occurred in October 2023, which is seen as a bullish sign. The similarities are most evident in the 1D timeframe, where Bitcoin is currently trading within the 1D 50-day moving average and the 1D 200-day moving average. Last year, when a similar pattern formed, Bitcoin experienced a long-term aggressive rally. TradingShot suggests that if the 1-week 50-day moving average continues to hold as long-term support, Bitcoin could reach $100,000 by the end of the year. Analysts from Standard Chartered and Bernstein also predict a similar price target for Bitcoin. However, other analysts, such as Ali Martinez, have a bearish outlook and suggest that Bitcoin may lose support at $60,000 and decline to $52,000 before a bullish breakout can be expected. Currently, the Bitcoin price is trading at around $61,000, down nearly 2% in the last 24 hours.
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