Bitcoin's Cup and Handle pattern hints at a potential breakout to $110K.
The pattern includes a rounded "cup" and a consolidation "handle" phase.
Analysts predict a major rally in Q4 2024 based on this pattern.
Bitcoin is on the verge of an explosive breakout and it’s likely to be a historic move. The price has been stuck in a tight range for nearly six months.
This range is more than just a frustrating sideways move; it’s the handle of a massive three-year “Cup and Handle” pattern. If this pattern plays out, Bitcoin could soon skyrocket to new heights, potentially reaching $110,000.
https://twitter.com/Washigorira/status/1830280229966717134 The Cup and Handle Pattern: What You Need to Know
The “Cup and Handle” pattern is one of the most recognized bullish chart formations in technical analysis. The cup is the rounded bottom, which Bitcoin formed from its peak at $69,000 in November 2021 down to its low of $15,500.
After hitting that low, the market began to recover. This created the rounded “cup” that saw Bitcoin climb back up to a new all-time high of $73,800 in March 2024. The handle, which is the current consolidation phase, is where we are now. This phase is marked by a slight downward drift, but it’s essential for the next big move.
The Significance of the C&H Chart Pattern and What to Expect in Q4 2024
Traders use this pattern to predict future price targets by measuring the depth of the cup and projecting it from the breakout point. According to Titan of Crypto, this projection points to a possible surge to $110,000.
As we enter the last quarter of the year, the handle is nearing completion. While no pattern guarantees future performance, the size of this formation suggests the potential for a massive rally.
Bitcoin’s chart is setting up for what could be an epic fourth quarter. The Cup and Handle pattern suggests that $110,000 could be on the horizon.
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