Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin On Track For $275,000? Analyst Cites Cup And Handle Formation

Share This Post

Bitcoin (BTC) fell to $94,500 yesterday after Microsoft shareholders decisively rejected a Bitcoin treasury proposal to allocate 1% of the company’s total assets to buy BTC as an inflation hedge. However, analysts are still confident of further appreciation of the BTC price.

Bitcoin May Surge As High As $275,000

According to data from Coinglass, over $478 million worth of contracts – primarily long positions – were liquidated in the past 24 hours following the plunge in BTC and other cryptocurrencies. Interestingly, liquidation volumes were higher in altcoins compared to Bitcoin.

However, some analysts view this price dip as a buying opportunity. Seasoned crypto analyst Ali Martinez took to X to highlight a long cup and handle pattern forming on Bitcoin’s weekly chart.

For those unfamiliar, the cup and handle pattern is a bullish technical formation that resembles a rounded “cup” followed by a brief consolidation period or “handle.” It typically signals the potential for a continuation of an uptrend, often leading to significant price gains.

Martinez noted that the pattern suggests Bitcoin could surge as high as $275,000, based on its technical structure. However, he also urged traders to exercise caution and avoid overleveraging their positions.

cup and handle

On the other hand, prominent crypto analyst @Trader_XO warned that Bitcoin must maintain its support at $90,000 to avoid further downside. Should BTC lose this critical level, it could drop as low as $85,000. Conversely, holding above $90,000 would allow the cryptocurrency to rebound and resume its uptrend.

BTC Takes Another Jab At Breaking Through $100,000

Despite yesterday’s dip, Bitcoin recovered swiftly, trading near $100,000 at the time of writing. The flagship cryptocurrency has remained in an overall uptrend, likely bolstered by today’s US inflation data for November, which largely aligned with market expectations.

Bitcoin recently hit a new all-time high (ATH) of $103,679, according to data from CoinGecko. However, its price has fluctuated above and below the pivotal $100,000 mark, leading to over $1.5 billion in liquidations in the past week.

Several factors could drive Bitcoin’s price to a new ATH. For instance, BTC reserves on cryptocurrency exchanges have hit multi-year lows, reflecting rising demand for the digital asset.

American financier and former investment banker Anthony Scaramucci recently predicted China might establish its own Bitcoin reserve if the US proceeds with its strategic Bitcoin reserve plans. National BTC reserves are expected to reinforce Bitcoin’s supply scarcity narrative, potentially driving prices higher.

At the same time, BTC adoption among corporations continues to rise, as Canadian video-sharing firm Rumble became the latest company to unveil a BTC treasury strategy. BTC trades at $100,453 at press time, up 4.1% in the past 24 hours.

bitcoin

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

U.S. SEC Delays Decision on Canary Litecoin ETF: LTC Price Drops Over 3%

The post US SEC Delays Decision on Canary Litecoin ETF: LTC Price Drops Over 3% appeared first on Coinpedia Fintech News The US SEC is now seeking public comment on whether the proposal to list the

Defense Seeks Dismissal in Samourai Wallet Case After FinCEN Disclosure, DOJ Policy Shift

The legal team for Samourai Wallet co-founders Keonne Rodriguez and William Hill has requested dismissal of criminal charges, citing newly disclosed FinCEN guidance that contradicted prosecutors’

Democratic opposition threatens GENIUS Act, jeopardizing 2025 crypto agenda – Galaxy

The Senate GENIUS Act bill, designed to establish federal rules for stablecoins, is facing resistance from key Democrats, jeopardizing the prospects for broader crypto legislation in 2025  The

Ethereum Breaks Massive Downtrend Price Structure – Momentum Shift?

After enduring months of aggressive selling pressure, Ethereum is finally showing signs of life As bullish momentum slowly builds, hopes for a recovery rally are beginning to resurface While ETH

Weekly ETF Recap: 3rd Straight Week of Gains as Bitcoin ETFs Attract $1.81 Billion

Bitcoin ETFs posted a $181 billion net inflow for the week ending May 2, marking their 3rd consecutive week in the green Ether ETFs also saw another week of gains, pulling in $10675 million and

Bitcoin’s Price Faces Risk Of A Pullback Once This Key Support Level Fails

During the ongoing market uptrend, Bitcoin continues to lead the bullish wave as the leading crypto asset records significant gains, pushing it to price levels above $95,000 While BTC’s price may