Bitcoin (BTC) to Skyrocket If This
'Cup and Handle' Pattern Plays Out
As of right now, Bitcoin is forming a
bullish technical pattern known as the cup
and handle, which has historically been
a sign of major price increases. Bitcoin
might be about to see a huge surge that
could push its price well over $100,000 if
this pattern holds true.
The cup and handle pattern is widely
acknowledged for its consistent ability to
indicate positive trends. A smaller period
of consolidation forms the handle after
the price first declines and then gradually
recovers to form a cup shape. The price
usually experiences a significant upward
movement after breaking out above the
resistance level at the top of the handle.
8 BTCUSDT Chart by TradingView
As of now, it seems that Bitcoin is
finishing up the handle formation. Traders
are waiting for a breakout that could
validate the pattern, as the price has
been accumulating just below a sizable
resistance zone. The measured move
indicates a potential target well above
$100,000 for Bitcoin if it can break above
this resistance.
Notably, though, a fundamental increase
in the price of Bitcoin is probably required
for this pattern to fully materialize.
Although strong signals can be obtained
from technical patterns, they are
frequently triggered by other factors like
market sentiment, macroeconomic events or noteworthy news in the cryptocurrency world.
The next big bull run for Bitcoin might
need to be sparked by a post-halving
boost, which has historically given
the cryptocurrency significant upward
momentum. Historically, there have
been notable price increases during the
post-halving period, which is currently
the case with Bitcoin. The scarcity that
results from fewer new Bitcoins coming
onto the market frequently pushes prices
higher. This could pave the way for an
enormous increase in the price of Bitcoin
when combined with the bullish cup and
handle pattern.
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