bullish

Bitcoin

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
As of right now, <a href="https://u.today/11454-bitcoin-profit-stirs-dormant-btc-whale-back-to-life-details" rel="noopener noreferrer nofollow">Bitcoin</a> is forming a bullish technical pattern known as the cup and handle, which has historically been a sign of major price increases. Bitcoin might be about to see a huge surge that could push its price well over $100,000 if this pattern holds true.&nbsp;
The cup and handle pattern is widely acknowledged for its consistent ability to indicate positive trends. A smaller period of consolidation forms the handle after the price first declines and then gradually recovers to form a cup shape. The price usually experiences a significant upward movement after breaking out above the resistance level at the top of the handle.&nbsp; <img alt="BTCUSDT" data-entity-type="file" data-entity-uuid="061f5d92-aaff-4105-9f5b-7cfe2d23e2be" src="https://u.today/sites/default/files/inline-images/image_1122.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">BTC/USDT Chart by TradingView</a>
As of now, it seems that <a href="https://u.today/veteran-trader-peter-brandt-shows-why-this-bitcoin-market-is-unique" rel="noopener noreferrer nofollow">Bitcoin</a> is finishing up the handle formation. Traders are waiting for a breakout that could validate the pattern, as the price has been accumulating just below a sizable resistance zone. The measured move indicates a potential target well above $100,000 for Bitcoin if it can break above this resistance.&nbsp;
Notably, though, a fundamental increase in the price of Bitcoin is probably required for this pattern to fully materialize. Although strong signals can be obtained from technical patterns, they are frequently triggered by other factors like market sentiment, macroeconomic events or noteworthy news in the cryptocurrency world.&nbsp;
The next big bull run for <a href="https://u.today/rich-dad-poor-dad-author-names-trillion-dollar-reason-to-buy-bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> might need to be sparked by a post-halving boost, which has historically given the cryptocurrency significant upward momentum. Historically, there have been notable price increases during the post-halving period, which is currently the case with Bitcoin. The scarcity that results from fewer new Bitcoins coming onto the market frequently pushes prices higher. This could pave the way for an enormous increase in the price of Bitcoin when combined with the bullish cup and handle pattern.

Bitcoin (BTC) to Skyrocket If This 'Cup and Handle' Pattern Plays Out

U_Today

Other articles published on Aug 22, 2024

XRP Faces Critical Support Level Challenge

Bitfarms’ Bold Move: $125M Stronghold Acquisition to Double U.S. Mining Power

How Sahil Arora Netted $3M with Celeb Token Pump-and-Dump Schemes

Just-In: Binance Labs Invests In 4 Major Crypto Startups, BNB Price Shoots 7%

Vitalik Buterin Endorses Optimism’s Ethereum Vision

What is Celestia (TIA) Coin?

Join our free newsletter for daily crypto updates!