• The Cup and Handle formation for Bitcoin forecasts an upswing to $70000; the price target for the long term is $126,107.

• That means there are $21 billion of leveraged short positions at risk to be liquidated if Bitcoin climbs up to $70,000.

• The last surge to $48,000 may be a “final flush” before the price spike, and this may provide buying points.

  

🔸Bitcoin traders have been closely observing a rally to $70,000 which is forming as the “Cup and Handle” formation. This formation was initiated in August and remains a primary technical signal with analysts expecting the price to reach $126,107. Focusing on the Chinese exchange and the imminent election in the United States, the anticipated course of prices is further boosted.

🔸 #Bitcoin❗ Cup and Handle was triggered in August and remains in play as the primary pattern. Target remains $126107. Confluence to US Election is clear.

🔸Notes: Expect a 10-20% chance of a V shaped final flush to clear longs before the mark up.

🔸Much emphasis is placed on the $21b of leverage short positions that are currently open. If Bitcoin rises to $70,000, it is expected to trigger a wave of short liquidations, as short merchants are in trouble. This compile of shorts at this level has brought about a situation where any upward movement can force the Bitcoin price to rally due to liquidations.