Many cryptocurrency investors distract attention on Bitcoin price changes in October, often called “Uptober” for this reason. historically positive results. Despite the generally bullish sentiment over the past two weeks, Bitcoin’s price action has it was challenging to predictleaving market participants behind unsure about his next move.
Interestingly, cryptocurrency analyst Ali Martinez offers an intriguing perspective on BTC’s future trajectory. According to Martinez, Bitcoin’s current price pattern resembles a “cup and handle” pattern, which is a classic bullish signal. Based on this pattern, Martinez forecasts that Bitcoin could rise to a target range of $194,000 to $352,000.
Cup and handle pattern: what does it mean for Bitcoin?
The Cup and Handle pattern is a widely recognized chart pattern in technical analysis, often signaling the potential for a long-term bullish breakout. While not fully formed yet, Martinez just highlights that the current price action resembles a cup and handle pattern.
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Martinez recently shared a detailed Bitcoin/US Dollar chart on social media platform X, noting an emerging pattern. According to his analysis, Bitcoin has already completed the “cup” formation and is currently in the “handle” phase. The cup portion of the pattern begins with BTC’s previous high in 2021. The cryptocurrency then endured a long-term downtrend through a bear market in 2022. As Bitcoin began to recover in 2023, it entered a modern bull market in October. 2023, culminating in a modern all-time record in the first quarter of 2024.
However, Bitcoin’s price has since recovered significantly and has yet to return to this record high. This adjustment resembles a handle pattern that complements the cup shape.
The cup and handle pattern is one of the most reliable bullish patterns in trading. If Bitcoin follows this pattern, the endgame will set the stage for robust, positive results in the coming months. Martinez noted that if Bitcoin successfully completes the servicing phase and breaks higher, it could lead to long-term targets of $194,000 and $352,000, which represent an raise of 202% and 420%, respectively, from the current price level.
What’s next for BTC?
At the time of writing, Bitcoin is trading at $63,910, reflecting a decline of 2.63% in the last 24 hours. This move down pushed BTC back below the level price level of $65,000. Despite this decline, investor sentiment remains sanguinebecause the Fear and Greed Index indicates a tendency towards greed.
On-chain analytics platform Santiment advises cryptocurrency investors tardy down their rotation. According to the platform, most investors expect a modern record high for Bitcoin soon. It is worth noting that currently for every bearish post, there are 1.8 bullish posts towards BTC. However, Santiment emphasizes this markets often move in the opposite direction to popular expectations.
Featured image created with Dall.E, chart from Tradingview.com
