Rally

bullish

Bitcoin

Gains

<p><a href="https://captainaltcoin.com/bitcoin-btc-price-could-hit-a-new-ath-soon-but-will-it-dip-before-surging-expert-analysis/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s (BTC) price action</a> is bullish, with chart patterns indicating a rally to and possibly past $200,000. Crypto analysts, including Mags and Gert van Lagen, have shared charts on this potential breakthrough.</p>
<p>Moreover, their charts highlight an inverse head and shoulders (H&amp;S) pattern and a two-year Cup and Handle formation. These patterns indicate robust bullish trends, with recent resistance levels tested and surpassed.</p>
<p>The inverse head and shoulders pattern is a bullish reversal indicator. In this configuration, two “shoulders” surround a low point called the “head,” and the “neckline,” which connects their highs, acts as a resistance level.&nbsp;</p>
<p>Mags’ chart, shared by CryptosRus, points out that <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin is currently</a> testing this neckline. A successful break above this level could confirm the pattern and open the door to new price highs, with a target zone of $200,000 projected by 2025.</p>
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   <p lang="en" dir="ltr">Bitcoin is testing the "neckline" of its large inverse head &amp; shoulders pattern<br><br>If <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> manages to break above, it has a potential target zone of ~$200,000 in 2025 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Chart: Mags <a href="https://t.co/FUGqeo3Vou" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/FUGqeo3Vou</a></p>— CryptosRus (@CryptosR_Us) <a href="https://twitter.com/CryptosR_Us/status/1852534342330773871?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 2, 2024</a>
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<p>The neckline acts as a pivotal resistance level. The inverse H&amp;S pattern might be confirmed by a break above this level, which would pave the way for additional higher momentum.&nbsp;</p>
<p>The next major target, according to CryptosRus, is around $200,000, which is the height of the head from the neckline, if Bitcoin overcomes this barrier.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-cup-and-handle-formation-projected-gains-beyond-200-000-strong"><strong>Cup and Handle Formation: Projected Gains Beyond $200,000</strong></h3>
<p>Adding to the bullish outlook, analyst Gert van Lagen observes a completed Cup and Handle pattern in Bitcoin’s two-year price movements. This pattern traditionally indicates a period of consolidation followed by a breakout, a setup often seen before price increases.&nbsp;</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> has broken out above the 2Y Cup &amp; Handle neckline and Descending Broadening Wedge, confirmed by a green volume spike (black arrow).<br><br>Neckline and handle are now being retested for support.<br><br>Target range: <br>$220K (measured from handle low) – $320K (measured from break-out) <a href="https://t.co/EVcbN091YV" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/EVcbN091YV</a></p>— Gert van Lagen (@GertvanLagen) <a href="https://twitter.com/GertvanLagen/status/1852271038094037203?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 1, 2024</a>
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<p>Van Lagen’s analysis suggests that Bitcoin has surpassed the neckline of this pattern, which sits around $69,000, turning it into a new support level. This breakout, combined with an ascending volume spike, signifies <a href="https://bitcoinist.com/bitcoin-market-sentiment-enters-extreme-greed-zone/" target="_blank" rel="noopener noreferrer nofollow">rising buyer interest and momentum</a>.</p>
<p>The handle section, shaped like a descending broadening wedge, further supports the bullish scenario. With the neckline confirmed as a new support level, Bitcoin’s next target range extends from $220,000 to $320,000, as calculated by measuring the depth of the cup and projecting it from the breakout point.&nbsp;</p>
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<p><strong><em>Read also: <a href="https://captainaltcoin.com/top-analyst-explains-why-buying-kaspa-kas-is-better-than-solana-sol/" target="_blank" rel="noopener noreferrer nofollow">Top Analyst Explains Why Buying Kaspa (KAS) is Better Than Solana (SOL)</a></em></strong></p>
<h3 class="wp-block-heading" id="strong-volume-and-market-sentiment-aiding-btc-s-momentum-strong"><strong>Volume and Market Sentiment: Aiding BTC’s Momentum</strong></h3>
<p>Both analysis emphasize the importance of volume spikes in validating Bitcoin’s breakout from these patterns.&nbsp;</p>
<p>In van Lagen’s analysis, the green volume spike accompanying the breakout of the Cup and Handle pattern adds weight to the bullish signal, indicating strong buyer interest.&nbsp;</p>
<p>Increased buying volume often reflects broader market sentiment and may encourage further accumulation around current support levels.</p>
<p><a href="https://qz.com/bitcoin-70000-trump-harris-election-results-1851687311" target="_blank" rel="noopener noreferrer nofollow">As the price consolidates</a>, the $69,000 level is expected to act as a critical support zone. Holding above this mark will likely reinforce the ongoing bullish trend, potentially inviting more long-term investors.</p>
<p><em><strong>Follow us on&nbsp;<a href="https://x.com/CaptainAltcoin_" target="_blank" rel="noopener noreferrer nofollow">X (Twitter)</a>,&nbsp;<a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap&nbsp;</a>and&nbsp;<a href="https://www.binance.com/en/square/profile/captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Binance Square</a>&nbsp;for more daily crypto updates.<br>Get all our future calls by joining our&nbsp;<a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/these-bitcoin-btc-price-patterns-could-lead-to-a-rally-beyond-200k-heres-how/" rel="noopener noreferrer nofollow">These Bitcoin (BTC) Price Patterns Could Lead to a Rally Beyond $200k: Here’s How</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

These Bitcoin (BTC) Price Patterns Could Lead to a Rally Beyond $200k: Here’s How

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