Bitcoin Price To Go ‘Vertical’ Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle Pattern
26 Outubro 2024 - 10:00PM
NEWSBTC
The Bitcoin price could see its price surging dramatically to
$200,000, with the formation of a new Cup and Handle pattern. While
the pioneer cryptocurrency has been slowly recovering from bearish
trends to reach the $70,000 mark, a rally to $200,000 would mark a
historical milestone and a new All-Time-High (ATH) for BTC.
Technical Pattern Signals $200,000 Rally Ahead Popular crypto
analyst, Mags has unveiled a new technical pattern in the Bitcoin
price chart. According to his post on X (formerly Twitter), Bitcoin
is currently forming “a massive cup and handle pattern,” indicating
a potential for a major rally. Related Reading: Dogecoin
Price Flashes Bullish Pennant On Daily Heikin Ashi Chart, What This
Means Mags revealed that the Bitcoin price has just moved past the
handle portion in the technical pattern, indicating a positive
signal for a breakout that could start a bullish phase. As its name
suggests, a Cup and Handle pattern is a key technical chart pattern
that resembles a cup and handle. In this chart pattern, the
cup is in the shape of a U and is considered a bullish signal,
while the handle represents a slight downward drift, which
indicates a potential buying opportunity to go long.
Mags observed that since Bitcoin has just broken past the handle,
the next level is to watch the “neckline” which serves as a
resistance point. If Bitcoin can break through the neckline, it’s
price could surge dramatically or like the analyst says “go
vertical.” This bull rally could see Bitcoin’s price driving
towards $200,000, marking a new all time high for the
cryptocurrency. Currently, the price of Bitcoin is trading at
$66,972, reflecting a slight 2.02% decrease in the past seven days,
according to CoinMarketCap. While Mags has projected a $200,000
price increase for Bitcoin, the analyst has also forecasted even
higher price targets in previous X posts, suggesting that a
$200,000 price level may be conservative for the world’s first and
largest cryptocurrency. Bitcoin Price Peak Set At $300,000 In
another X post on October 24, Mags disclosed that Bitcoin is about
to enter its price discovery, suggesting an imminent breakout to
new levels. Price discovery is the process by which an asset’s true
market value is determined, and for Bitcoin, it suggests when its
price could reach fresh highs. Related Reading: Crypto
Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is
$12,000 Possible? Sharing a historical Bitcoin price chart, the
analyst pinpointed instances where the cryptocurrency entered a
price discovery before reaching a peak. In 2014, BTC hit a peak,
then bottomed out in 2015 before reaching another price high in
2018. A similar price action occurred between 2019 and 2024, with
BTC achieving a bottom in 2019 and peaking in 2021. Following
this historical price trend, Mags indicated that Bitcoin hit its
bottom in 2023 and is now about to enter its price discovery. Once
the cryptocurrency does, it could signal a surge to a new all-time
high, which Mags has set at an impressive $300,000. Featured
image created with Dall.E, chart from Tradingview.com
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