🧐Analysts say that a large-scale bullish pattern will help push Bitcoin prices to $300,000

According to the analysis of Gert van Lagen, a well-known cryptocurrency analyst, the Bitcoin price chart in the 3-day chart (BTC/USD) shows an important technical pattern that may indicate a surge to $300,000. This pattern is called the "handle cup" due to its reliability and bullish implications, which are highly regarded by traders.
🔝Interpretation of Bitcoin Cup and Handle Formation
The cup with handle is a bullish continuation pattern, similar to a cup on a chart. The formation of this pattern requires the price to initially decline, then rise to form a rounded bottom (the 'cup'), followed by a minor downward trend (the 'handle'), and then a resumption of the upward trajectory.
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Cup: This part of the cup pattern represents a period of consolidation and recovery. It typically starts from a high price and gradually declines to a rounded U-shaped low, then rises back to the original high. As for Bitcoin, the cup pattern began in November 2021 when the price reached a cyclical high of $69,000 and ended after reclaiming the historical high in March 2024, indicating the end of a long consolidation phase.
Handle: After the cup formation, a slight downward drift forms a handle, which is shallower and shorter in duration compared to the cup. It typically represents the consolidation or less bullish oscillation of investors before a major breakthrough. Bitcoin's handle has formed over the past few months, showing a narrowing price range and reduced volatility.
After completing the handle pattern, the general bullish sentiment and buying pressure usually push the price through the previous resistance level (formed by the edge of the cup). This breakthrough is crucial because it confirms the pattern and lays the foundation for future price pumps.
The target price after the breakout of the cup and handle pattern can be predicted by measuring the depth of the handle shape and inferring the distance from the breakout point upwards. For Bitcoin, the lowest point of the cup and handle pattern is about $15,500, and the initial high point is $69,000, which provides a vertical measurement standard.
Gert van Lagen states that "BTC [3D] - the target price for the cup handle pattern is $300,000. The price has surpassed the cup handle/bull market flag and has successfully retested for about four weeks."
🤝The views of other analysts
Cryptocurrency analyst Nunya Bizniz criticized the analysis, pointing out that the measurement is done on a logarithmic or linear scale, which will yield different results. According to Bizniz, linear predictions indicate a target price close to $121,947, while logarithmic predictions could push the price up to around $309,295.
Jonathan Hobbs, a chartered financial analyst, cautiously noted in the discussion that these predictions of upper limits often attract great attention and may have a disproportionate impact on market sentiment. 'It seems that we are in a bull market phase, and releasing information about the highest target for Bitcoin will attract the most engagement,' he said.
As of the time of writing, the BTC trading price is 67,513 US dollars.
(tv-newsbtc)