From a technical analysis perspective with the “Cup and handle” candlestick pattern, many traders predict that Bitcoin may increase sharply in the next few months.
Bitcoin (BTC) is showing multiple signals that indicate a “trigger” is about to be triggered and price action will head towards the $100K - $150K region in Q1/2025.
The cup and handle pattern consists of a rounded base representing the cup and another phase of consolidation representing the handle.
Usually after these periods, the price will increase very strongly. In the case of BTC, it seems that the cup pattern has started since the ATH in 2021.
The handle is the current price area of the market with a large resistance zone of $65K - $69K. This is really a key level that needs to be broken through.
If this resistance is overcome and the cup & handle pattern is completed, BTC price could approach the $110K - $130K zone, according to trader Elja.
A series of technical indicators are also showing an upcoming growth momentum, specifically as shown below:
-BTC's weekly Bollinger Bands Width (BBW) has narrowed significantly since June. This reflects a major move coming.
-Momentum indicators like Stochastic RSI and RSI are in oversold territory. Greed and Fear index are in fear zone (below 35).
-Global liquidity index is reversing and increasing investment capital into risky assets like Bitcoin
According to Nestay, all these setups are creating a dream scenario, especially as the market enters the fourth quarter.
This is also the time when the market has a higher probability of increasing than decreasing over the past many years.
What about you? How do you rate the market potential at the end of the year?
#Write2Win #BinanceTurns7 #IntroToCopytrading #BTC☀
