Bitcoin 🚀 returned to $57,000 after plunging below $54,000. Analysts predict a potential surge to $123,000. Positive indicators include decreasing selling pressure and a favorable Relative Strength Index (RSI).

Recent days have been painful for Bitcoin fans, with the asset's price plunging below $54,000 for the first time in five months. However, Bitcoin managed to recover some of the losses at the weekend and is currently trading around $57,000, down 9% on a weekly basis.

Even though recent performance has been unsatisfactory, many industry players believe a big surge could occur soon. User X BATMAN said the BTC price chart forms a "huge cup and handle pattern."

"If this pattern plays out as expected, the price target for Bitcoin is $123K, indicating significant upside potential from current levels," the analyst predicted.

The “cup and handle” pattern is a technical chart pattern commonly used to identify potential bullish moments in various markets, including cryptocurrencies. A “cup” resembles a “U” shape, indicating a period of consolidation or a rounded bottom. The next "handle", usually takes the form of a descending channel. Some traders believe that the appearance of this formation could indicate a good buying opportunity.

Mikybull Crypto is also optimistic, arguing that BTC "tends to surprise the masses when it seems like it's all over." The analyst compared the current price performance with that from 2019, predicting a rally to as high as $100,000 before the end of 2024.

What do you think about this prediction? Come on, discuss it in the comments column! 😊