Bitcoin’s Path to $125K

Here’s how I see the potential move to $125K for Bitcoin:

Looking at the chart, I can clearly identify a Cup and Handle formation. The cup has formed over a long period, starting from the peak around $69K in 2021, through the decline in 2022, and now with the recovery bringing us back to the current levels around $70K. The rounded bottom of the cup is a textbook example of this pattern.

For the handle, I’m anticipating a bit of consolidation or a minor pullback in the near term, which would complete the pattern. This is typical after a significant rise, as it allows the market to cool off before the next leg up. The critical point will be the breakout above the resistance level, which I see around $70K to $75K.

Breakout Potential: Once we break through the $70K-$75K resistance, I expect a strong upward move. This breakout would confirm the Cup and Handle pattern, and from there, we could see a significant rally.

Target: Based on the depth of the cup (roughly 54K from the peak at $69K down to the bottom near $15K), I’m projecting that once we break out, the price could climb to $125K. Adding that 54K depth to the breakout point around $70K gives us this target.

How It Might Play Out:

Step 1: I see the price breaking through the $70K-$75K resistance, possibly after a brief consolidation period forming the handle.

Step 2: Following the breakout, I expect a steady rally, supported by increasing momentum and volume. If we see strong buying pressure, this move could accelerate quickly.

Step 3: As we approach $125K, there might be periods of consolidation or even pullbacks, but the overall trend should remain bullish.


Key Levels to Watch:

Resistance: $70K-$75K is the key level we need to break. If the price pushes through with strong volume, it will likely confirm the bullish breakout.

Support: If there’s a pullback, I’d be watching for support around 64K, which has previously acted as resistance and could now provide a strong base.

I’m optimistic about this setup, and as long as we see continued bullish sentiment and strong momentum, I believe Bitcoin has a solid chance of reaching $125K in the next major move. I’ll be keeping a close eye on volume and momentum indicators like RSI and MACD to confirm the strength of this trend.

Write your thoughts in the comments.