Bitcoin (BTC) is showing strong signs of growth as its price hovers around $97,000. Technical analysis reveals a rare pattern in Bitcoin’s price movement, suggesting it could soon hit new all-time highs.
Bitcoin’s Price Action Shows Bullish Patterns
A recent analysis of Bitcoin’s price by crypto expert 'TradingShot' highlights that Bitcoin bounced off its 100-day Moving Average (MA), a key support level. This same level led to a major price rally in January 2024. Right now, Bitcoin’s price movement is similar to what happened last year, when it also bounced off the MA100 and began a rally that pushed its price to a new high.
According to the analysis, Bitcoin is currently moving within a “Channel Up” pattern. This is an upward-sloping channel, suggesting a long-term bullish trend. Within this pattern, Bitcoin is moving through two “accumulation channels,” where the price consolidates before rising again. The first accumulation channel happened from 2023 to 2024, and now Bitcoin is in its second one, ready for a potential breakout.
The expert also identified an important pattern based on the Relative Strength Index (RSI), which suggests Bitcoin is on the verge of repeating its previous bullish move. The RSI shows similar behavior in both the current and past accumulation channels, with specific time gaps between RSI highs, further confirming a bullish trend.
Fibonacci Projections Predict Bitcoin Could Reach $145,000
Based on the bullish patterns, TradingShot has set a target of $145,000 for Bitcoin’s price. This estimate comes from a Fibonacci extension level, which has worked in the past to predict price movements. In a previous cycle, Bitcoin reached a new high near $73,000 based on the same Fibonacci ratio.
TradingShot predicts that Bitcoin could reach this target of $145,000 by March or April 2025, assuming the current bullish pattern continues.
