Crypto analyst X Force has captured the attention of the cryptocurrency community by highlighting a significant fractal from 2023 that suggests a bullish outlook for Bitcoin's price. However, the analyst cautioned that a potential decline to $90,000 could still occur for BTC, although this would not negate the broader market trend.
In a recent post on X, X Force discussed a crucial fractal from the early stages of the 2023 bull market, explaining how it supports the ongoing bullish sentiment. He emphasized that the price patterns observed at that time may provide valuable insights for current market analysis, as historical trends often echo previous patterns, even if they do not repeat exactly.
X Force pointed out that in 2023, a significant wave 1 concluded, followed by a minor wave 2 that only retraced to the 23.6% to 38.2% Fibonacci levels. He asserted that this interpretation is not merely retrospective but represents the only valid analysis in real-time. Additionally, he acknowledged the possibility of Bitcoin experiencing another low.
The analyst elaborated that the significance of micro timeframes is diminishing, as each price fluctuation is highly sensitive to the overall wave structure being formed. He mentioned that although Bitcoin could potentially drop to $90,000, it is crucial for BTC to maintain its position above this vital support level. In his post, X Force stated that as long as Bitcoin remains above the $90,000 mark, shorter-term price movements will not affect the overarching macro trend.
X Force further noted that pullbacks and volatility are not only normal but essential components of any bullish market. Meanwhile, veteran trader Peter Brandt has raised concerns about a possible imminent crash in Bitcoin's price. In a recent post on X, he questioned whether the market is repeating the scenario from November 2021, when Bitcoin reached its previous cycle peak following a double top formation.
Historical data indicated that Bitcoin's price plunged from its all-time high of approximately $69,000 and remained consolidated for over two years before breaking out again in 2024. Brandt's analysis suggests that Bitcoin may have formed another double top after its recent surge to a new all-time high of $111,900, which could signal the end of the current bull cycle and a potential crash ahead.
However, the chart indicates that Bitcoin could maintain its bullish momentum if it stays above $104,612. As of the current writing, Bitcoin is trading at around $106,700, reflecting an increase over the past 24 hours, according to CoinMarketCap data.
