Bitcoin (BTC) price is currently at $58,640. Technical signals are pointing to a strong upside potential, with targets ranging from $100,000 to $150,000 in the first quarter of 2025.

Cup and Handle Pattern Indicates Big Breakout

Bitcoin’s recent price action is showing a number of converging technical indicators, creating a potential breakout opportunity. The most notable pattern on the current chart is the “cup and handle,” a classic technical pattern that suggests a continuation of an uptrend.

This pattern consists of a rounded bottom (cup) followed by a consolidation phase (handle). This consolidation phase is often a sign of preparation for a strong price increase.

For Bitcoin, the cup started forming after the peak in late 2021, with the handle currently forming as the price hovers below the $65,000-$69,000 resistance.

BTC/USD weekly price chart | Source: Elja

The cup and handle pattern is complete when the price breaks through the resistance at the neckline, according to technical rules, the price can increase by the maximum distance between the neckline and the lowest point of the cup.

In Bitcoin's case, the gap between the bottom of the cup (around $15,000) and the resistance at the rim of the cup (near $65,000) is around $50,000. When this gap is added to the breakout point, independent analyst Elja predicts a BTC price target of between $110,000 and $130,000 by early 2025.

Bitcoin Is a “Time Bomb” – According to Analyst

A series of indicators pointed out by anonymous analyst Nestay are reinforcing the bullish setup in a cup and handle pattern.

For example, Bitcoin's weekly Bollinger Bands Width (BBW) indicator has been contracting since June. Technically, a contracting BBW indicates low volatility in the market, and historically, this often precedes large price movements.

Meanwhile, momentum indicators like the Stochastic RSI and the relative strength index (RSI) are showing oversold conditions.

Source: Nestay

Nestay also highlighted the Fear and Greed index, which is currently at “fear.” Historically, periods of extreme fear have often preceded sharp Bitcoin price rallies, indicating oversold conditions and easing selling pressure.

The macroeconomic backdrop also reinforces this bullish setup. Global liquidity indicators are rising, suggesting capital inflows into risk assets like Bitcoin.

This increase in liquidity, combined with Bitcoin’s tightening price action – described by Nestay as a “ticking time bomb” – creates the scenario for a potential breakout, especially as the market enters October and November.

Source: https://tapchibitcoin.io/bitcoin-phat-tin-hieu-tang-gia-manh-len-150k-nam-2025.html