Bitcoin Price Prediction: Cup and Handle Pattern Hints at Breakout Above $126,000

Share This Post

Bitcoin Bull Trap

The post Bitcoin Price Prediction: Cup and Handle Pattern Hints at Breakout Above $126,000 appeared first on Coinpedia Fintech News

The Bitcoin bull market is showing no signs of slowing down. Analysts are predicting even higher price levels for Bitcoin, with the price recently hitting new all-time highs. Here’s a breakdown by analyst Josh of Crypto World, of the key factors driving this bullish momentum, including Bitcoin’s chart patterns, market trends, and important price targets.

Bitcoin’s Price Surge: What’s Happening?

Bitcoin has broken through major resistance levels and is now experiencing a powerful bullish breakout. It is currently in the middle of a significant bull market, with the price climbing steadily. A key factor driving this is the Cup and Handle pattern, a bullish formation that suggests further upside potential. Bitcoin’s price is now moving past important Fibonacci extension levels, signaling more potential for growth in the coming months.

Bitcoin ETFs Driving Price Growth

One of the biggest catalysts for Bitcoin’s recent price increase is the massive inflows into Bitcoin ETFs. Just this week, Bitcoin ETFs saw net inflows of $1.1 billion on Monday and over $800 million on Tuesday. These inflows from institutional investors are reducing the supply of Bitcoin on the market, which, combined with the growing demand, is pushing prices higher.

Technical Analysis: Bullish Chart Patterns

The current chart setup mirrors past bull markets, suggesting that Bitcoin could see continued gains well into 2025. Even with Bitcoin at new all-time highs, experts believe the current bull run is just getting started.

Bitcoin is currently in the early stages of a Cup and Handle pattern, which is a bullish chart formation. If this pattern plays out as expected, Bitcoin’s price could reach as high as $126,000. This technical price target is based on the pattern’s structure and is one of the primary price levels analysts are watching.

Key Price Levels to Watch

Bitcoin’s next major resistance levels are as follows:

  • $94,000 – $95,000: Short-term resistance and a key area to monitor for potential pullbacks.
  • $102,000: Based on Fibonacci retracement levels, this could be a significant resistance point.
  • $113,000: The next major price target if Bitcoin breaks above $102,000.
  • $126,000: The ultimate target based on the bullish Cup and Handle pattern.
Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dogwifhat Price Prediction: After 39% Pump, Are WIF and STARS Next to Explode Like Dogecoin?

For meme coin investors, this week has been nothing short of euphoric Dogecoin has led the way by doubling in price, but smaller meme coins are taking over Dogwifhat has pumped 44% today – can

Pennsylvania introduces bill to use $7 billion state fund for Bitcoin Strategic Reserve purchases

Pennsylvania’s legislature has introduced landmark legislation for establishing a Bitcoin reserve, positioning the state at the forefront of digital asset policy in the United States The bill,

Dogecoin Eyes Parabolic Rally To Price Discovery, Is The 16,000% Surge From 2020 Possible This Time?

The Dogecoin price is again eyeing a parabolic rally that will put the meme coin in price discovery and send it to new highs in this market cycle Crypto analyst Mikybull Crypto indicated that the

Bitcoin Bull Tim Draper Eyes Trump’s Return as Catalyst for Private Sector Boom: ‘Very Excited’

This week, the bitcoin bull and venture capitalist Tim Draper shared his excitement on X about Donald Trump’s potential next term “Every job they cut in the government will create three

ICP identity protocol DecideID to launch on Solana eliminating any KYC need for DeFi

DecideAI has announced the integration of its biometric identity verification solution, DecideID, into the Solana blockchain, aiming to enhance security and trust within the ecosystem This move

‘PEPE Breakout Starts Now’ Says Analyst As Market Cap Shoots $10B Amidst Listing News

The post ‘PEPE Breakout Starts Now’ Says Analyst As Market Cap Shoots $10B Amidst Listing News appeared first on Coinpedia Fintech News Pepe’s market capitalization has briefly topped $102