Bitcoin Price’s Path To $300,000 Cleared By Massive Bullish Pattern, Says Analyst
13 Junio 2024 - 3:45AM
NEWSBTC
According to an analysis shared by renowned crypto analyst Gert van
Lagen, the Bitcoin price chart has illustrated a significant
technical pattern in the 3-day chart (BTC/USD) that could
potentially signal an upsurge to as high as $300,000. Known as the
“Cup with Handle,” this pattern is celebrated among traders for its
predictive reliability and bullish implications. Unpacking The
Massive Bitcoin Cup And Handle Pattern The Cup with Handle is a
bullish continuation pattern that resembles a teacup on a chart.
This pattern is formed when the price initially drops and then
rises to form a rounded bottom—the “cup”—followed by a smaller
downward move—the “handle”—before resuming its upward trajectory.
The Cup: This segment of the pattern represents a period of
consolidation and recovery. It typically starts with a high price
point, gradually descends to a rounded, U-shaped trough, and
ascends back to the initial high. In the case of Bitcoin, the cup
formation began in November 2021 when the price reached its cycle
high at $69,000 and ended in March 2024 after reclaiming the old
all-time high, indicating the end of a long-term consolidation
phase. Related Reading: Is The Crypto Surge Over? Bitcoin Stalls At
$72,000 As Investor Enthusiasm Wanes The Handle: Following the cup,
a slight downward drift forms the handle, which is smaller in depth
and duration compared to the cup. It usually represents a final
consolidation or a shakeout of less bullish investors before a
significant breakout. Bitcoin’s handle formed over the last several
months, showing a tighter price range and lower volatility. Upon
the completion of the handle, the prevailing bullish sentiment and
buying pressure often drive the price above the previous resistance
level—formed by the rim of the cup. This breakout is critical as it
confirms the pattern and sets the stage for future price gains. The
target price following a Cup with Handle breakout can be projected
by measuring the depth of the cup and extrapolating this distance
upwards from the point of breakout. For Bitcoin, the lowest point
of the cup at roughly $15,500 relative to the initial high at
$69,000 provides a vertical measure. Related Reading: Bitcoin Is
‘Still Significantly Undervalued,’ Says Finance Guru Bill Miller IV
Via X, Gert van Lagen stated: “BTC [3D] – Cup with Handle targeting
$300k. Price has broken out of the handle / bull flag and retested
it successfully for about four weeks already.” Perspectives From
Other Analysts Crypto analyst Nunya Bizniz has critiqued the
analysis by pointing out the differences in outcomes based on
whether measurements are taken on a logarithmic or a linear scale.
According to Bizniz, a linear projection suggests a target near
$121,947, while a logarithmic projection might see the price ascend
to approximately $309,295. Measured move targets on a log chart?
pic.twitter.com/xiIfBGK8tR — Nunya Bizniz (@Pladizow) June 13, 2024
Jonathan Hobbs, CFA, added a cautious note to the discussion,
suggesting that projections at the upper end of these scales tend
to attract significant attention and can influence market sentiment
disproportionately. “Looks like we’re at the stage of the bull
market where posting about the highest possible Bitcoin targets
drives the most engagement,” he stated. At press time, BTC traded
at $67,513. Featured image created with DALL·E, chart from
TradingView.com
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