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The Bitcoin price price was imprisoned in The strict range between USD 84,000 and USD 82,000 in recent days, and Bulls is fighting for growth. General market moods is one of the Cautious natureAnd hopes for a quick return above 90,000 USD begin to disappear. However, the novel technical analysis suggests that Bitcoin may be on the verge of a significant rally, because the price action shows that the cryptocurrency is Currently in accordance with A cup and handle pattern.
The cup and handle service can cause a immense Bitcoin rally
Recent Bitcoin price movements have noticed the key technical structure of the handle of the cup and handle pattern, which suggests that the stubborn configuration can be quietly shape. This engaging activity of bitcoin prices has been transferred In technical analysis By a cryptographic analyst on the TradingView platform.
A cup and handle pattern created Many years, with a rounded lower phase stretching from 2021 to mid -2024. In this prolonged period of accumulation, bitcoins gradually recover from the bear market of the market cycle before he broke the resistance over the neckline. The creation began to create a handle in the second half of 2024, the consolidation phase that established the scene of the next BTC leg. By November 2024, Bitcoin graduated from this phase of the handle and went to an impressive rally, which eventually resulted in the highest highest level in history 108,786 USD in January 2025.
However, the recently 24% correction from this highest all time brought the price of bitcoins Back to neck resistance Mug and handle formation. The logical next step is this neckline to serve as support for price correction and we saw the bitcoins bouncing from here. When it comes to price forecasting, Elliott Wave analysis and forecasts set a target price above USD 130,000, especially at USD 139,000.
Wave Elliott analysis suggests an escalate in the direction of USD 130,000
According to Elliot Waves Framework, Bitcoin is currently in Greater creation of a pulse wave. However, this fifth wave, which is generally stubborn, was interrupted by ABC correction subjects, leading Bitcoin to re -supplement the support of the formation of cups and handle. Now that the support has been met, Bitcoin is able to bounce and continue the formation his fifth impulse wave. It is expected to lead to a target price above USD 130,000.
Equalizing the creation of a mug and handle with wave projections Elliott strengthens the matter for a grave breakthrough in the coming months. However, the basics of Bitcoin reflect uncertainty in a brief period. Currently, there is a lack of stubborn rush needed to recharge the 90,000 USD mark, which would be the first step needed to reach USD 130,000. Institutional lasting outflows From ETF of Bitcoin Spot, they are increasingly increasing sales pressure, limiting Bitcoin’s ability to regain strength in a brief period.
At the time of writing, Bitcoin trads $ 83,500.
A distinguished picture from Unsplash, tradingview.com chart
