Bitcoin Price Hits ‘Vertical’ Level Towards $200,000 as Cryptocurrency Analyst Points to Huge Cup and Handle Pattern

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This article is also available in Spanish.

Bitcoin price could skyrocket to $200,000 with the creation of a modern one Cup and handle pattern. While the pioneering cryptocurrency is slowly making a comeback bearish trends to reach $70,000, an enhance to $200,000 would be a historic milestone and a modern all-time high (ATH) for BTC.

The technical pattern signals an enhance of $200,000

Popular cryptocurrency analyst, Mags exposed modern technical pattern on the Bitcoin price chart. According to his post on X (formerly Twitter), Bitcoin is currently forming a “massive cup and handle pattern”, which indicates: potential for a vast rally.

Mags revealed it Bitcoin price it has just passed the handle part of the technical formation, indicating a positive signal for a breakout that may begin the bullish phase. As the name suggests, the Cup and Handle pattern is a key technical chart pattern that resembles a cup and handle. In this diagram, the cup is U-shaped and is considered a bullish signal, while the handle represents a slight downward drift, indicating a potential long-buying opportunity.

Source: X

Mags observed that since Bitcoin has just broken through the handle, the next level is to watch the “neckline” that serves as a resistance point. If Bitcoin manages to break through the neckline, its price could rise dramatically or, as the analyst says, “vertically.” This bull rally could push the Bitcoin price to $200,000, which means: modern highest level ever for cryptocurrency.

According to CoinMarketCap, Bitcoin is currently trading at $66,972, reflecting a slight decline of 2.02% over the last seven days. While Mags predicted a $200,000 price enhance for Bitcoin, the analyst also projected even higher price targets in previous X posts, suggesting that the $200,000 price level could be conservative for the world’s first and largest cryptocurrency.

Bitcoin’s price peak was set at $300,000

In another post by X from October 24, Mags revealed that Bitcoin will soon enter price discovery, suggesting an imminent breakout to modern levels. Price discovery is the process by which the true market value of an asset is determined and, in the case of Bitcoin, suggests when its price may reach modern highs.

Sharing a historical price chart of Bitcoin, the analyst pointed out instances where the cryptocurrency entered price discovery before reaching a high. In 2014 BTC has reached its peakit then bottomed in 2015 before reaching another high in 2018. Similar price action occurred between 2019 and 2024, with BTC bottoming in 2019 and peaking in 2021.

Bitcoin price 2
Source: X

Following this historic price trend, Mags took notice Bitcoin has hit bottom in 2023 and now it will soon enter its price discovery. When the cryptocurrency does so, it could signal a rally to a modern all-time high, which Mags pegged at an impressive $300,000.

Bitcoin price chart from Tradingview.com
BTC price tries to stay at $67,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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