Fun

Bitcoin Breaks Out Of Cup-And-Handle Pattern, Eyes $276,000 Target

News Feed - 2025-01-18 01:01:41

Este artículo también está disponible en español.


The market’s leading cryptocurrency, Bitcoin (BTC), has rejoined the crypto rally, gaining momentum on Friday amid reports that President-elect Donald Trump may issue an executive order prioritizing cryptocurrenciesas soon as he takes office. 


As of the latest data from CoinGecko, Bitcoin surged nearly 5% in the 24-hour time frame, reaching $104,000. The broader cryptocurrency market, represented by the CoinDesk 20 index, also saw an uptick, rising 1% following a 4% increase on Thursday. Excitement Builds Ahead Of Trump’s Executive Orders 


This newfound interest in Bitcoin has positively impacted exchange operators, with shares of platforms like Coinbase and Robinhood climbing approximately 5% and 3%, respectively.  Related Reading BNB Price Poised for Gains: Bulls Push for New Highs 18 hours ago


Accordingto CNBC, the excitement follows a Bloomberg report indicating that Trump might establish the crypto advisory council he had previously promised, potentially giving the industry a significant voice in his administration.  The 1D chart shows BTC’s price approaching record levels. Source: BTCUSDT on TradingView.com


Discussions surrounding a national Bitcoin stockpile are also part of the anticipated executive order, which is expected to address various aspects of cryptocurrency policy, according to a reportby the New York Times.


While the prospect of a pro-crypto administration and Congress in 2025 is encouraging for the industry, some Wall Street analysts caution that the full impact may not be felt immediately. 


Coins and crypto projects outside of Bitcoin could reportedly benefit the most from clear and supportive regulations, especially as they have been more vulnerable to Securities and Exchange Commission (SEC) lawsuits and perceived banking discrimination under the previous administration.  Analysts Eye Record-Breaking Bitcoin Prices 


Bitcoin’s performance has been closely aligned with the stock market this year, following a period of consolidation that began in late December. 


This came after Federal Reserve Chair Jerome Powell raised concerns about inflation, a sentiment that has since eased with two favorable inflation reports in January. 


Expectations are high that any announcements from the incoming administration next week could propel Bitcoin’s price even higher, potentially setting new records.  Related Reading Solana ‘Bull Case’ Forecasts $6,636 Price Target By 2030, Crypto Firm Says 17 hours ago


Analysts believe that the new administration, along with a new SEC chairman, could usher in opportunities for innovation within the cryptocurrency space. 


JPMorgan analyst Kenneth Worthington noted that while the environment is promising, the market capitalization of other tokens and lower investor interest may limit the impact of new cryptocurrency products.


In a favorable technical development, crypto analyst Ali Martinez recently pointed outthat Bitcoin has broken out of a cup-and-handle pattern, a bullish indicator in technical analysis.  BTC’s cup-and-handle pattern breakout. Source: Ali Martinez on X


This pattern resembles a “cup” followed by a downward trend, or “handle,” which typically signals a buying opportunity.  According to Martinez, this suggests a potential upside target of $276,400 for Bitcoin—more than doubling its record high of $108,000 reached at the end of last year.


Featured image from DALL-E, chart from TradingView.com 

News Feed

Analyst Predicts Possible 40% Crash For XRP Price With Gravestone DOJI Candle Formation
Este artículo también está disponible en español. The long-awaited rally in the XRP pricemay be coming to a fast end, as a crypto analyst has predicted a 40% crash for th
Turner Wright8 hours agoNYDFS calls for public feedback on proposed crypto regulatory guidanceThe proposals included stricter standards on risk assessments for crypto firms as well as a framework for designating token pr
Bitcoin ETFs Hit $40 Billion Inflows, Setting Historic Crypto Record
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
53% Of Binance Traders Are Shorting Bitcoin – What Does This Mean For Price Action?
Este artículo también está disponible en español. After several weeks of sustained upward momentum, Bitcoin is currently holding above $66,000. The price has recently enc
Crypto Pundit Dumps Bitcoin Holdings Sub-$100,000, Lists Reasons Why It’s Time To Short
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
Ghana Takes Steps to Operationalize Gold-for-Oil Scheme — Move Expected to Help Halt Cedi’s Depreciation
Ghana Takes Steps to Operationalize Gold-for-Oil Scheme — Move Expected to Help Halt Cedi"s Depreciation According to directives issued by Samuel A. Jinapor, the Ghanaian ministe
Harris aide suggests VP will ‘support policies’ for crypto industry growth
Turner Wright2 hours agoHarris aide suggests VP will ‘support policies’ for crypto industry growthThe Democratic presidential candidate has been largely silent on digital assets since launching her campaign on July 2
Ezra Reguerra10 hours agoVitalik Buterin shares account abstraction challenges in Ethereum: EthCCVitalik Buterin explained how an account abstraction extension called “paymasters” can allow users to pay for gas fees
RFK Jr says he is suspending, not terminating, presidential campaign
Turner Wright4 hours agoRFK Jr says he is suspending, not terminating, presidential campaignThe US Independent presidential candidate said he would remove himself from the ballot in 10 battleground states where he might
Cypher core contributor admits to stealing $260K and gambling it away
Jesse Coghlan7 hours agoCypher core contributor admits to stealing $260K and gambling it awayThe contributor, “hoak,” said their actions were due to a “crippling gambling addiction” and “psychological factors t
Spot Bitcoin ETFs maintain positive flows for 8 out of the last 10 days
Martin Young2 hours agoSpot Bitcoin ETFs maintain positive flows for 8 out of the last 10 daysAround 80% of the past fortnight’s spot Bitcoin ETF trading days have had positive flows, despite Bitcoin seeing sideways pr
Bitcoin, Ethereum Technical Analysis: BTC, ETH Below $20,000 and $1,600 Respectively, on Saturday
Bitcoin, Ethereum Technical Analysis: BTC, ETH Below $20,000 and $1,600 Respectively, on Saturday Following a brief rally above $20,000 and $1,600 respectively, bitcoin and ethereu