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bitcoin price could see its price rise dramatically to $200,000, with the formation of a newbitcoin-bullish-cup-handle/amp/” rel=”nofollow”> Cup and handle pattern. While the pioneering cryptocurrency has been slowly recovering from bearish trends To reach the $70,000 mark, a rally to $200,000 would mark an all-time milestone and a new all-time high (ATH) for btc.
Technical Pattern Signals $200,000 Rally Ahead
Popular crypto analyst Mags hasx.com/thescalpingpro/status/1849715015005139429?s=46″ rel=”nofollow”> sleepless a new technical pattern on the bitcoin price chart. According to his post on x (formerly twitter), bitcoin is currently forming “a massive cup and handle pattern,” indicating a potential for a big rebound.
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The magazines revealed that the price of bitcoin It has just passed the handle part in the technical pattern, indicating a positive signal for a breakout that could start a bullish phase. As its name suggests, a cup and handle pattern is a key technical chart pattern that resembles a cup and handle. In this chart pattern, the cup is U-shaped and is considered a bullish signal, while the handle represents a slight downward trend, indicating a possible buying opportunity to go long.
Mags noted that since bitcoin has just broken through the checkpoint, the next level is to look at the “neckline” that serves as a resistance point. If bitcoin can break the neckline, its price could rise dramatically or, as the analyst puts it, “go vertical.” This bullish rally could see the price of bitcoin approach $200,000, marking a new all-time high for cryptocurrency.
Currently, the price of bitcoin is trading at $66,972, reflecting a slight decline of 2.02% over the past seven days, according to CoinMarketCap. While Mags has projected a $200,000 price rise for bitcoin, the analyst has also predicted even higher price targets in previous x posts, suggesting that a $200,000 price level may be conservative for the first and largest cryptocurrency. of the world.
bitcoin's maximum price is set at $300,000
In another x post from October 24, Magsx.com/thescalpingpro/status/1849352628330963195?s=46″ rel=”nofollow”> revealed that bitcoin is about to enter its price discovery, suggesting an imminent breakout to new levels.bitcoin-halving-a-key-role-in-price-discovery/amp/” rel=”nofollow”> Price discovery is the process by which the true market value of an asset is determined and, in the case of bitcoin, suggests when its price could reach new highs.
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Sharing a historical bitcoin price chart, the analyst identified cases where the cryptocurrency entered price discovery before reaching a peak. In 2014, btc reached a peakIt then bottomed in 2015 before reaching another price high in 2018. Similar price action occurred between 2019 and 2024, with btc reaching a bottom in 2019 and a high in 2021.
Following this historical price trend, Mags indicated thatbitcoin-bottomed-out-what-trader-sentiment/amp/” rel=”nofollow”> bitcoin hit bottom in 2023 and is now about to enter its price discovery. Once the cryptocurrency does so, it could signal a rise to a new all-time high, which Mags has pegged at an impressive $300,000.
Featured image created with Dall.E, chart from Tradingview.com
