A cryptocurrency analyst predicted that Bitcoins (BTC)the world’s largest cryptocurrency, is on track to hit an unprecedented $263,000. However, he also stressed that growth to novel record levels is dependent on Bitcoin meeting certain market conditions.
Bitcoin Ready for Massive Rally to $263,000
WX (formerly Twitter) fasting On July 23, a cryptocurrency analyst who goes by the pseudonym “Trader Tardigrade” revealed that the current bitcoin price chart is forming a key technical pattern known as the “cup with handle chart pattern.” Significantly, Cup with handle pattern is a unique technical indicator in which the price movement of a cryptocurrency usually resembles a cup followed by downward price trend which emulates a handle. This handle often represents a buying opportunity to take a long position on the asset.
Sharing a price chart illustrating bitcoin’s cup-and-handle pattern, trader Tardigrade noted that bitcoin may experience significant rally to a measured target of $263,000 by the end of 2024. The analyst revealed that for this escalate to occur, the price of Bitcoin will have to break through the $68,000 level, which represents the handle portion of the Cup with Handle chart pattern.
In a newer edition Posts XCryptocurrency analyst reveals bitcoin price has reached upper resistance level descending canal pattern. This pattern means that the price of the cryptocurrency is moving within two parallel trend lines and is trending down. Typically, the upper trend line in this pattern acts as resistance, while the lower line acts as support.
The analyst also noted that Bitcoin price successfully reached the upper resistance of the descending channel. However, it revealed that the resistance was weaker than the lower support, which facilitated a potential breakout of the cryptocurrency.
Trader Tardigrade also predicts that Bitcoin may experience a short-term crisis consolidation period before it witnesses another breakout move. Analyst decided that the market is currently in a bull run and Bitcoin is heading towards growth even higher by the end of 2025.
Key support level identified for bitcoin’s next ATH
Bitcoin price is currently $64,239, which means a slight decrease 3.11% in the last 24 hours, according to CoinMarketCap. Despite cryptocurrency struggles to reach novel highs, Ali Martinez, a prominent cryptocurrency analyst, remains bullish about the future forecast.
Sharing a price chart showing the distribution of realized bitcoin UTXO prices (URPD), Martinez Planned that the BTC price will soon reach novel record highs.
The analyst also revealed that the price of $66,000 was key level of support for Bitcoin. He added that if Bitcoin manages to maintain its price at $66,000, it will create a solid foundation for a potential raid to novel levels.
Featured image created with Dall.E, chart from Tradingview.com
