Bitcoin bull’s last line of defense?
After the positive effects of the Ethereum spot ETF, the market did not surge directly as expected, but consolidated amid fluctuations, seeking further support momentum.
At the time of writing, Bitcoin ($BTC) was trading at $65,749, down 0.2% on the day. Prominent analysts pointed out that Bitcoin is struggling fiercely with key resistance levels, and if it successfully breaks through this level, it will break through the all-time high set in March this year and see hundreds of thousands of dollars along the way.
Image source: CoinGecko
Analysts reveal “key points”
Analyst Trader Tardigrade, in an article on
The "cup and handle" pattern is used to identify bullish signals. It usually forms during a long-term uptrend and is divided into two main phases: first forming the cup and then entering the handle.
According to the analysis of Trader Tardigrade, the cup part of Bitcoin began to brew around July 2021 and ended in April 2023. Then it entered the handle stage, which has been formed since April 2023 and is currently in the final stage.
Trader Tardigrade believes that the $68,000 mark is identified as the breakthrough point. Once Bitcoin quickly breaks through and stands at $68,000, it means breaking through the handle part of the pattern, and a strong bullish phase will follow.
After the breakthrough, it rushed directly to 260,000 US dollars.
Trader Tardigrade has a target of $263,000, which is calculated by measuring the distance from the bottom of the cup to the breakout point and projecting that distance upward from the breakout point.
On the other hand, an analysis by analyst Mikybull Crypto showed that Bitcoin triggered a rare hash band “buy” signal, indicating that the price may rise significantly in the near future. Historically, hash band “buy” "The signal usually appears before a sharp increase in the value of Bitcoin.
Image source:X
In addition, the current Bitcoin chart is consistent with the "Wyckoff Accumulation Schematic", showing that Bitcoin may be in the final accumulation stage before a strong breakthrough, and the computing power has shown signs of recovery, while marking the possible end of the miners' capitulation period. It also provides potential thrust for subsequent market momentum.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
