Bitcoin’s price action has captured the interest of analysts, with technical analysis suggesting a bullish rally is imminent.
Bitcoin (BTC) Technical Analysis
The cup and handle pattern is a bullish chart pattern that traders can use to identify potential long positions. The pattern consists of a "U" shape (the cup) followed by a slight move down (the handle). According to Sjuul, Bitcoin appears to be forming a rather large cup and handle pattern, which typically signals a bullish trend.
The analyst outlines two possible scenarios for trading this pattern. The first scenario involves a deeper pullback along the handle channel. In this case, enthusiasts may consider entering the market at the green box, where a clear resistance-turned-support level is identified, accompanied by the 4H EMA200. This area is an ideal zone to enter if a decline occurs.
If the bulls continue to push higher, the second scenario will occur. In this case, traders would wait for a breakout of the cup-and-handle pattern and enter at the breakout level. In both cases, the key is to see the resistance level broken and left behind; otherwise, the validity of the pattern is compromised.
Bitcoin Price Prediction
If the cup-and-handle pattern holds and breaks, the technical target should be consistent with the depth of the cup base. Sjuul estimates that target to be around $90,000. This potential upside is a significant opportunity for enthusiasts, highlighting the importance of closely watching Bitcoin price action and pattern development.
(Personal opinion, not a recommendation)
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