Bitcoin is showing a classic Cup and Handle formation on the daily chart, a bullish continuation pattern. After the completion of the cup, Bitcoin has formed a downward sloping handle, which suggests the market is consolidating before a potential breakout.
Using technical analysis, the projected target after the breakout is around $112,000 , based on the height of the cup added to the breakout point.
The breakout from the handle is expected to push BTC beyond the $70,000 range, aiming for the next significant resistance levels. As we wait for confirmation, a close above the handle's trendline would signal the start of a new bullish phase for Bitcoin.
This setup follows the historical price pattern and could be a long-term opportunity for traders and investors watching BTC/USD.
Using technical analysis, the projected target after the breakout is around $112,000 , based on the height of the cup added to the breakout point.
The breakout from the handle is expected to push BTC beyond the $70,000 range, aiming for the next significant resistance levels. As we wait for confirmation, a close above the handle's trendline would signal the start of a new bullish phase for Bitcoin.
This setup follows the historical price pattern and could be a long-term opportunity for traders and investors watching BTC/USD.
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