Fun

Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

News Feed - 2024-10-23 04:10:25

Este artículo también está disponible en español.


A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targetsabove $230,000.  Bitcoin Cup And Handle Cascade


According to a technical analysis, Bitcoin appears to be forming a textbook cup and handle pattern on the largest timeframe, which is a bullish continuation pattern that often leads to a major price rally. This formation typically indicates a period of consolidation followed by a breakout to the upside, and if the pattern fully plays out, Bitcoin could surge to new heights.  Related Reading Ethereum Price Prediction: Crypto Analyst Says Things Are ‘About To Get Interesting’ 1 day ago


In a recent analysis shared onthe social media platform X, technical analyst Gert van Lagen compared Bitcoin’s ongoing cup and handle formation to similar patterns observed in Gold and the S&P 500. Van Lagen pointed out that Gold experienced a comparable setup of the formation of the cup and handle, which ultimately led to a full-scale bull rally in 2023. This breakout pushed Gold to new highs which has continued up until the time of writing, with Gold now trading above $2,730 in its history.


Similarly, the analyst highlighted a similar cup and handle pattern in the SP500, which eventually led to a rally that kickstarted in late 2023 and culminated in new peaks for the index.


Van Lagen emphasized that Bitcoin has been tracing out a similar pattern since the 2022 bear market. The “cup” portion of the formation was completed when Bitcoin reached its all-time high back in March. Now, Bitcoin is in the process of forming the “handle” part of the pattern, as the cryptocurrency has yet to revisit its all-time highover the past seven months. 


Should the handle formation conclude and a breakout occur, Bitcoin could be on the verge of a strong rally, much like Gold and the S&P 500 experienced during their respective runs.  BTC To $230,000


According to van Lagen, Bitcoin is “poised to follow the structural path of SP500 & Gold.” In terms of a price target, he predicted a target of $230,000 for Bitcoin.


At the time of writing, Bitcoin is trading at $67,350. Reaching the $230,000 price level would necessitate a 197% price increase from the current price. Related Reading Machine Learning Algorithm Predicts XRP Price Direction For This Week, What To Expect 1 day ago


Interestingly, van Lagen’s forecast is just one of several bullish outlooks resurfacing as Bitcoin’s price has shown positive momentum since the second week of October. Bitcoin is up by about 13.5% from $59,500 on October 10, which has prompted a return of bullish sentiment.


According to a report, this has caused a rise in Bitcoin accumulation by long-term holders , who now hold about2.9 million BTC. Another analyst noted that Bitcoin is on track to double in valueand reach $130,000 by January 2025  BTC bears still pushing for control | Source:BTCUSD on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com

News Feed

This Analyst Correctly Called The XRP Price Crash, Here Are The Next Targets
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Privacy Coins Take a Beating This Year Losing Over $6 Billion, Anonymity Takes a Back Seat to Defi, NFTs
Privacy Coins Take a Beating This Year Losing Over $6 Billion, Anonymity Takes a Back Seat to Defi, NFTs The last 12 months have been tough on digital currency investors as the cry
Crypto Exchange Binance Plans to Be Regulated Financial Institution, Seeks CEO With Strong Compliance Background
Crypto Exchange Binance Plans to Be Regulated Financial Institution, Seeks CEO With Strong Compliance Background Binance CEO Changpeng Zhao (CZ) says that his co
OpenAI has a ‘highly accurate’ tool to detect AI content, but no release plans
Tristan Greene3 hours agoOpenAI has a ‘highly accurate’ tool to detect AI content, but no release plansThe company expressed worries that its detection system could somehow “stigmatize” the use of AI among non-En
Putin: Still Early but Crypto Can Be Used for Oil Trade Settlements, Store of Value
Putin: Still Early but Crypto Can Be Used for Oil Trade Settlements, Store of Value Accusing the U.S. of undermining the dollar through money printing and sanctions policy, Preside
EU MiCA stablecoin regulations come into effect: Law Decoded
David Attlee4 hours agoEU MiCA stablecoin regulations come into effect: Law DecodedNoncompliant stablecoin issuers could potentially exit the EU market entirely, with a shift toward euro-backed stablecoins as demand pick
Savannah Fortis12 hours agoBosch, EU and blockchain companies to build decentralized IoT: IAA MobilityBosch and the Peaq Network explain how the future of the Internet of Things and the Economy of Things will come via de
NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales
NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NF
Pakistanis Own $20 Billion in Crypto, Report Reveals
Pakistanis Own $20 Billion in Crypto, Report Reveals In the absence of regulations, people in Pakistan have invested a serious amount of money in digital assets. New research claim
DePINs to decentralize internet access and connectivity in India
Savannah Fortis10 hours agoDePINs to decentralize internet access and connectivity in IndiaWifi Dabba, an Indian internet service provider, is launching a second round of its DePIN-powered devices on the Solana network t
Liquid Staking Protocols See Increase in Monthly ETH Deposits Despite Withdrawals Post-Shapella Hard Fork
Liquid Staking Protocols See Increase in Monthly ETH Deposits Despite Withdrawals Post-Shapella Hard Fork Following the Shapella hard fork on April 12, 2023, approximately 332,368
Bitcoin whale watching is 'useless' for information — Traders
Ciaran Lyons6 hours agoBitcoin whale watching is "useless" for information — TradersBitcoin whale watching is “good for social media” but not for valuable analysis, according to traders.4296 Total views42 Total sha