Bitcoin - A Long Term Analysis - Cup and Handle Pattern

22 juil. 2024

Bitcoin has formed a promising cup and handle pattern on the weekly chart. Currently, the price is trading within the handle and appears poised for a breakout. A confirmed breakout from the handle could propel Bitcoin's price above 100K.

The handle formed during the correction period following the Bitcoin halving, which was anticipated. Fundamentally, a bull run is expected during the last quarter of 2024 and the first quarter of 2025, which suggests a natural price increase. Breaking the previous all-time high around 73K would further drive the price upward, with my target for this bull run set at 140K.

For a safer trade, consider entering after a breakout above 73K. For those seeking an early entry, you can buy at the current price and hold until the peak of the bull run.

Stay tuned for more updates.

Cheers,
GreenCrypto

9 août 2024

Note

Price is still trading inside the handle