Bitcoin Price Analysis / Cup and Handle Breakout

On the weekly Bitcoin chart, we can see a cup and handle pattern, a classic bullish formation:

Cup and Handle Formation:

The price formed a rounded bottom (the cup) followed by a smaller consolidation dip (the handle).
This pattern is a sign of long-term accumulation and typically signals a continuation of the uptrend after a breakout.
Breakout:

Bitcoin broke out of the handle’s resistance, confirming the bullish pattern.
The breakout suggests strong buying pressure, pushing the price toward a new peak.
Retest Zone:

After the breakout, the price is testing the previous resistance (now support).
A successful retest could confirm the breakout, setting the stage for another rally.
Bitcoin Peak Target:

The green arrow suggests a potential price peak if the retest holds and the trend continues upward.
Peaks often align with historical halving cycles and market sentiment, so the upward channel could act as a guide for price discovery.
Key Levels:

Support: The lower yellow trendline.
Resistance: The upper yellow trendline.
A bounce from support would strengthen the bullish case, while a breakdown could signal a deeper correction.