The Bitcoin price chart shows an extremely bullish 88-day structure after reaching the $105,000 ATH.

The price of Bitcoin is currently trading at or around new all-time highs as it continues its push above the $100,000 mark. The price of Bitcoin has displayed an interesting pattern on the 1-day candlestick timescale since its recent spike to an all-time high (ATH) above $106,000, indicating a very positive prognosis for the top cryptocurrency.

Master Kenobi, a popular cryptocurrency analyst on X, prominently featured an extremely bullish 88-day pattern on the Bitcoin price chart, comparing it to a similar pattern from late 2023.

The Bitcoin price chart's 88-day pattern bears historical symmetry.

The first thing he looks for in Master Kenobi's study is an 88-day pattern that mirrors the price action of Bitcoin during Q4 2023, right before the current bull market phase. The first 37 days of the current pattern beginning November 2024 look similar to a hidden distribution period experienced last year, according to the expert, who writes on social media site X. Additionally, the daily Relative Strength Index (RSI) indicator and the price movement both closely resemble the prior cycle. He used the relative strength index to visualise this by connecting important points A1 to A2 and B1 to B2, which emphasised the formations' symmetrical structure.

Master Kenobi claims that the symmetry between these sequences increases the likelihood that the current trend of Bitcoin will follow the pattern of its past, at least for the next 51 days. The analyst said that this insight forms the basis of understanding Bitcoin's behavior in light of its historical performance and the current structure, even though he insists that it is not a specific prediction.

Prediction: $124,300 by the start of 2025

Bitcoin and other cryptocurrencies tend to duplicate their earlier price actions at times. Past price playouts are studied by analysts and traders and current trends provide an idea about what is to be expected. When Master Kenobi described the trajectory of his projected price path of Bitcoin, he had done much more than make an analysis-he was now speculating.

Late in 2023, the analyst indicated that the following 51-day cycle may follow a similar pattern of the previous 51 days to reach January 31, 2025, at a price of $124,300.

Bitcoin has now hit an intraday high and all-time high of $106,352 as of yesterday's last day. CoinGecko reports Bitcoin is currently trading at $105,000.

The expected price point of $124,300 would set the top cryptocurrency for an additional 18% gain. This already stands 12% above its month-end value. Whether Bitcoin will have a repeat of its final quarter of 2023 is unknown, but this market sentiment and the current action in the price are giving a tremendous amount of upside for the cryptocurrency in 2025.

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