BITCOIN repeating the November 2023 Channel and targets $140k

12月4日

Bitcoin (BTCUSD) has been trading within a Channel Up in the past three weeks, basically for the majority of the month of November, following the U.S. elections. It may been struggling currently to break above the $100000 psychological barrier but historical patterns are in favor of a break-out as the very same Channel Up was formed exactly 1 year ago and paved the way for the March 14 2024 High.

** August 2023 vs August 2024 **
As you can see basically, BTC's whole sequence since the August 05 2024 Low is very similar to the one that started again a year before that in August 2023. The similarities are uncanny. Both fractals started with an August decline below the 1D MA200 (orange trend-line), bottoming inside a Cup pattern that initiated an Accumulation Process. At the same time, the 1D RSI was waving a Bullish Divergence as it has been rising on Higher Lows.

** Golden Cross to November Channel Up **
A 1D Golden Cross was formed right when the November Channel Up patterns emerged. By that time, the price was already on the 2.0 Fibonacci extension of the August decline. At the moment we are on the stage past a 1D MACD Death Cross, which led to a December bullish break-out to a new High.

** Next step = 140k **
A mere test of the 3.0 Fibonacci extension, would translate to a 140k price tag on Bitcoin. Based on the striking similarities and extremely high degree of symmetry with the pattern a year ago, it may become a reality as early as February 2025.

But what do you think? Is symmetry with last year about to kick in and force a bullish break-out to 140k? Feel free to let us know in the comments section below!

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