The recent Bitcoin rally has brought a few things to the forefront and one of them is a bullish Bitcoin fractal that hasn’t 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 is making a comeback
The crypto analyst orphan to a previously identified channel in the Bitcoin price that could indicate a bullish continuation. This channel often forms after a big pump and considering that BTC has added about $15,000 to its price in a month, it doesn’t get bigger than this. As a result, the channel has reverted, indicating that BTC price could continue to hold on to this historical fractal.
FieryTrading discovered that the fractal had appeared in 2019 when its price rose 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
In 2020, the fractal would reappear after the BTC price rose from around $11,000 to around $14,200. And just like in 2019, when the fractal was confirmed, it saw a continuation of the bullish rally that pushed the Bitcoin price above $16,000.
Recently, after the price of Bitcoin rose from $28,000 to $41,000, the fractal has reappeared. “The pattern 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 place the price of BTC?
Following the previous performance of the Bitcoin price when this fractal appeared, it suggests that there is still a lot of room for the current rally. The crypto analyst used this historical performance to chart a likely path for the crypto’s price, putting the fractal’s top at $48,000.
“When I saw how the market behaved historically, I assumed that BTC would follow this fractal and break out of the channel in the near future. A week later, BTC successfully broke out of the channel as predicted by this fractal analysis,” FieryTrading said. “As detailed in my analysis below, I am currently looking at 48k as the next target. Given how these fractals behaved historically, 48k should be achieved fairly easily?”
If this fractal turns out as the analyst expects, BTC price can be expected to add another $6,000 to its value from here before the recovery trend ends. This means the leading crypto could rise another 10% from its current price.
