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After a slightly snail-paced start until 2025, the price of Bitcoins began to impress in the second quarter of the year. This week, the premiere of the cryptocurrency regained a 100,000 USD sign this week and it seems that he plays at the high price of all -time in the amount of USD 108,286 this weekend.
It seems that the BTC price has overturned the market change, and investors feel that the world’s largest cryptographic market has returned to the place where it was at the end of 2024. According to the popular cryptographic expert, the sales pressure that occurred during the first few months of the year is part of a wider price.
Is BTC in line with this cup and handle pattern?
In the post of May 9 on X, Khartered Market Technician (CMT) Aksel Kibar common Compelling update of his last bitcoin price analysis. The market expert revealed that at the end of November 2024 on the social media platform is a long -term breakthrough signal for the BTC price.
After winning the election of Donald Trump as the president of the United States, Bitcoin and Crypto markets had a significant stubborn rush. Kibar emphasized that BTC, as a result of the rally after the election, exceeded a significant price level on vast (monthly) time frames.
As shown in the graph above, the price of Bitcoins exceeded the “smaller level” around the former highest all time in the amount of 73,737 USD in November. Based on historical patterns, Kibar emphasized in his chart that the flagship cryptocurrency runs parabolic, whenever he exceeds a lower high level in the cycle.
Interestingly, in November 2024, Breakout created a cup and handle, a model of technical analysis that resembles a “U” -shaped mug, and the handle has a lithe drift down. The cup and handle are considered a stubborn pattern that signals the continuation of the trend up.
In this special iteration of this pattern, the price of BTC continued to accumulate after a break of 73.737 USD until it reached a six -digit valuation. However, the price of Bitcoins witnessed a solemn correction to around USD 74,000 after reaching the current highest time in January.
However, it seems that Bitcoin witnessed a slight withdrawal to the “smaller level” before he resumed his basic trend. In this scenario, Kibar placed the cup and the tribunal to the target for the market leader in the amount of approximately USD 137,000, which is over 33% rally compared to the current price point.
Bitcoin price at first glance
In this letter, the price of BTC is around USD 103,071, which reflects the escalate of almost 1% in the last 24 hours. According to data, the Coingecko market leader increased by more than 6% in weekly time frames.
Recommended photo from Istock, chart from TradingView
