Massive Technical Pattern
Crypto analyst Gert van Lagen has identified a significant technical pattern on Bitcoin’s 3-day chart, known as the “Cup with Handle.” This pattern suggests a potential surge to $300,000.
Cup and Handle Explained
The Cup with Handle is a bullish continuation pattern that resembles a teacup. It consists of:
- Cup: A rounded bottom formed by a price drop and recovery.
- Handle: A smaller downward move before the price resumes its upward trajectory.
Bitcoin’s Cup and Handle
- Cup: Formed from November 2021 to March 2024, with a low of $15,500 and a high of $69,000.
- Handle: Formed over the past few months, with a tighter price range and lower volatility.
Breakout and Target Price
The price has broken out of the handle and retested it successfully. This confirms the pattern and sets the stage for further gains. The target price is calculated by measuring the depth of the cup and extrapolating it upwards from the breakout point. This suggests a potential target of $300,000.
Perspectives from Other Analysts
- Nunya Bizniz suggests different target prices depending on the scale used (logarithmic or linear).
- Jonathan Hobbs cautions against over-reliance on extreme target projections, as they can influence market sentiment.
Current Market
At the time of writing, Bitcoin is trading at $67,513.
