As a seasoned researcher with over two decades of experience in financial markets and cryptocurrencies, I find the current analysis of Bitcoin’s cup and handle pattern quite intriguing. The parallels drawn between Bitcoin, Gold, and the S&P500 are not lost on me, as I have observed similar price patterns play out in traditional assets throughout my career.
A cryptocurrency expert predicts a major rise for Bitcoin, likening this potential increase to past spikes seen in assets like gold and the S&P500. This prediction is based on the technical analysis of current market movements, which suggests that Bitcoin is following a “cup and handle” pattern. If this pattern holds true, it could propel Bitcoin towards optimistic price goals surpassing $230,000.
Bitcoin Cup And Handle Cascade
Based on a technical study, Bitcoin seems to be shaping up like a classic cup and handle pattern on its largest timeframe. This is generally a positive sign for further price increase, as it’s often precedes a significant price spike. The cup and handle formation typically signals a phase of consolidation followed by an upward breakout. If this pattern unfolds completely, Bitcoin could potentially reach unprecedented highs.
On the popular social media platform X, analyst Gert van Lagen recently discussed a pattern similar to Bitcoin’s current cup and handle formation that he noticed in Gold and the S&P 500. Specifically, he highlighted how Gold underwent a comparable setup of this pattern, which eventually triggered a massive bull market in 2023. This surge brought Gold to unprecedented highs, with prices reaching above $2,730 as of the current writing, and continuing to climb.
In a similar fashion, the analyst pointed out a comparable cup-and-handle chart formation on the S&P 500, which subsequently ignited a surge starting from late 2023, reaching record highs for the index.
Van Lagen pointed out that Bitcoin’s price movement since the 2022 bear market bears a striking similarity to a specific pattern. The “cup” phase of this formation was finalized when Bitcoin hit its record high in March. Currently, Bitcoin is working on forming the “handle” part of the pattern, as it hasn’t returned to its all-time high for the past seven months.
If the handle pattern resolves and a breakout ensues, there’s a possibility that Bitcoin might be about to embark on a significant upward trend, similar to how Gold and the S&P 500 surged during their rallies.
BTC To $230,000
Based on van Lagen’s analysis, it appears that Bitcoin may mirror the growth trajectory of the S&P 500 and gold. He estimated that the potential price of Bitcoin could reach an impressive $230,000.
Currently, Bitcoin is being bought and sold for approximately $67,350. For it to reach the $230,000 mark, there needs to be an increase of about 197%.
It’s worth noting that van Lagen’s prediction is one of several optimistic views emerging, as the price of Bitcoin has been increasing since the second week of October. In fact, Bitcoin has risen by around 13.5% from $59,500 on October 10th, leading to a resurgence in positive sentiment.
As a crypto investor, I’ve noticed an interesting trend: Long-term Bitcoin holders have been steadily accumulating more BTC as per recent reports. This group now controls approximately 2.9 million Bitcoins. Moreover, another analyst predicts that the value of Bitcoin could potentially double and reach an astounding $130,000 by January 2025. It’s fascinating to watch these developments unfold!
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2024-10-22 22:34