Bitcoin Bullish Fractal Returns: Analyst Predicts Another Leg-Up With Price Target

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,351,488,597,896	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,351,488,597,896

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	866.73	1.28%	68,774.38	68,774.35	68,774.36

Price Change

Price Change %

Current Price

Bid Price

Offer

866.73

1.28%

68,774.38

68,774.35

68,774.36

High Price	Low Price	Open Price	Prev. Close	52 Week Range
68,918.03	67,658.00	67,857.26	67,912.98	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

68,918.03

67,658.00

67,857.26

67,912.98

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:20:53	0.00000160	68,774.36	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

14:20:53

0.00000160

68,774.36

USD

Price x Volume	Volume	Base Symbol	Related Pairs
175,069,643.78	2,568.82	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

175,069,643.78

2,568.82

Bitcoin Bullish Fractal Returns: Analyst Predicts Another Leg-Up With Price Target

06/12/2023 11:00pm

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

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BTCUSD Bitcoin