{"id":15716,"date":"2024-10-22T19:30:25","date_gmt":"2024-10-22T19:30:25","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=15716"},"modified":"2024-10-22T19:30:25","modified_gmt":"2024-10-22T19:30:25","slug":"bitcoin-cup-and-handle-cascade-analyst-says-btc-price-could-reach-230000-if-it-follows-this-structural-path","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=15716","title":{"rendered":"Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path"},"content":{"rendered":"

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets <\/a>above $230,000.\u00a0<\/p>\n

Bitcoin Cup And Handle Cascade<\/h2>\n

According to a technical analysis, Bitcoin appears to be forming a textbook cup and handle pattern on the largest timeframe, which is a bullish continuation pattern that often leads to a major price rally. This formation typically indicates a period of consolidation followed by a breakout to the upside, and if the pattern fully plays out, Bitcoin could surge to new heights.\u00a0<\/p>\n

In a recent analysis shared on<\/a> the social media platform X, technical analyst Gert van Lagen compared Bitcoin\u2019s ongoing cup and handle formation to similar patterns observed in Gold and the S&P 500. Van Lagen pointed out that Gold experienced a comparable setup of the formation of the cup and handle, which ultimately led to a full-scale bull rally in 2023. This breakout pushed Gold to new highs which has continued up until the time of writing, with Gold now trading above $2,730 in its history.<\/p>\n

Similarly, the analyst highlighted a similar cup and handle pattern in the SP500, which eventually led to a rally that kickstarted in late 2023 and culminated in new peaks for the index.<\/p>\n

Van Lagen emphasized that Bitcoin has been tracing out a similar pattern since the 2022 bear market. The \u201ccup\u201d portion of the formation was completed when Bitcoin reached its all-time high back in March. Now, Bitcoin is in the process of forming the \u201chandle\u201d part of the pattern, as the cryptocurrency has yet to revisit its all-time high <\/a>over the past seven months.\u00a0<\/p>\n

Should the handle formation conclude and a breakout occur, Bitcoin could be on the verge of a strong rally, much like Gold and the S&P 500 experienced during their respective runs.\u00a0<\/p>\n

BTC To $230,000<\/h2>\n

According to van Lagen, Bitcoin is \u201cpoised to follow the structural path of SP500 & Gold.\u201d In terms of a price target, he predicted a target of $230,000 for Bitcoin.<\/p>\n

At the time of writing, Bitcoin is trading at $67,350. Reaching the $230,000 price level would necessitate a 197% price increase from the current price.<\/p>\n

Interestingly, van Lagen\u2019s forecast is just one of several bullish outlooks resurfacing as Bitcoin\u2019s price has shown positive momentum since the second week of October<\/a>. Bitcoin is up by about 13.5% from $59,500 on October 10, which has prompted a return of bullish sentiment.<\/p>\n

According to a report, this has caused a rise in Bitcoin accumulation by long-term holders, who now hold about <\/a>2.9 million BTC. Another analyst noted that Bitcoin is on track to double in value<\/a> and reach $130,000 by January 2025\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to […]<\/p>\n","protected":false},"author":0,"featured_media":15717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15716"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15716"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15717"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}