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Crypto analyst X Force has drawn the crypto community’s attention to a key fractal from 2023, which paints a bullish picture for the Bitcoin price. However, the analyst suggested that a drop to $90,000 could still be on the cards for BTC, although that won’t invalidate the macro setup.
Key Fractal Shows Bitcoin Price Is Still Bullish
In an X post, X Force highlighted a key fractal from the early phase of the 2023 bull market and noted why it supports the view that the current trend remains bullish. He remarked that the price structure that was observed back then could offer insights relevant to the current analysis, as history often rhymes even though it might not repeat itself exactly.
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X Force then noted that in 2023, a larger degree wave 1 terminated, followed by a shallow wave 2 that retraced only to the 23.6% to 38.2% Fibonacci levels. The analyst then declared that this interpretation wasn’t just hindsight but it was the only valid count even in real-time. He also raised the possibility of the Bitcoin price creating another low.
X Force explained that the context of the micro timeframes is losing weight as every bounce and dump is extremely sensitive to the overall creation of the wave structure. Meanwhile, the analyst indicated that the Bitcoin price could still drop to as low as $90,000 but noted that it is important that BTC remains above this critical support level.
In an X post, the crypto analyst stated that as long as the Bitcoin price stays above the $90,000 level, the implications of the shorter-term price action have zero impact on the overall macro trend. X Force added that pullbacks and choppiness are not only healthy but vital to any bull market.
A BTC Price Crash Imminent?
Veteran trader Peter Brandt has raised the possibility of a Bitcoin price crash happening soon. In an X post, he questioned if November 2021 was happening all over again for the flagship crypto. His accompanying chart showed how that period formed the cycle peak for BTC, following a double top formation.
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The Bitcoin price then crashed from its all-time high (ATH) of around $69,000 and consolidated for over two years before witnessing another breakout in 2024. The chart indicated that BTC may have formed a double top again following the recent rally to a new all-time high of $111,900. If so, this could mark the end of the cycle’s bull run, with a crash set to follow. However, the chart suggested that BTC could sustain this bull run if it holds above $104,612.
At the time of writing, the Bitcoin price is trading at around $106,700, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
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