Cup and Handle Pattern
A “Cup and Handle” pattern has emerged in Bitcoin’s price chart, indicating a potential rally. The cup represents a period of decline and consolidation, while the handle is a brief retracement.
Validation of the Pattern
Bitcoin’s price has completed the cup portion of the pattern, recovering from its lows. The handle was formed by a pullback to $38,600, followed by a breakout above $48,000.
Price Target
Based on the height of the cup, analysts project a price target of around $75,000. This is calculated by adding the height of the cup to the bottom of the handle.
Market Sentiment
The collective behavior of traders will ultimately determine Bitcoin’s price movement. If enough traders believe in the cup and handle pattern, they will set their price targets at $75,000, driving the price towards that level.
Current Price
At the time of writing, Bitcoin is trading at $51,821.
