A crypto analyst on X (formerly Twitter), known as PlanD, thinks Bitcoin is still on track for big gains, even after a recent price drop. They predict Bitcoin could reach $340,000, but only if a key support level holds.
Bitcoin’s Bullish Future Depends on Support
PlanD’s prediction is based on a “cup and handle” chart pattern, a common indicator of continued price increases. According to this pattern, Bitcoin’s price action over the past few years suggests a significant price surge is coming.
- The Cup: This represents Bitcoin’s crash from its previous high of $69,000 in late 2021, followed by a period of recovery and stabilization until early 2024.
- The Handle: This is the downward price movement from early 2024 to late 2024, before a breakout above the resistance level of $76,000.
After breaking out, Bitcoin’s price rose to around $112,000. PlanD believes the cup and handle pattern indicates a potential price target of $340,000 before 2025.
The Crucial Support Zone
However, this bullish prediction depends on Bitcoin staying above the support zone of $91,000 to $100,000. If Bitcoin falls below this level, the prediction could be invalidated. The current price drop is seen as a temporary correction before a much larger upswing.
Bitcoin’s Current Situation
At the time of writing, Bitcoin is trading around $104,739, showing a slight increase. Daily trading volume is also up. To confirm the bullish outlook, Bitcoin needs to break its current all-time high of $111,970, overcoming resistance levels around $106,000 and $109,000.
