{"id":36781,"date":"2025-01-17T16:52:41","date_gmt":"2025-01-17T16:52:41","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=36781"},"modified":"2025-01-17T16:52:41","modified_gmt":"2025-01-17T16:52:41","slug":"bitcoin-breaks-out-of-cup-and-handle-pattern-eyes-276000-target","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=36781","title":{"rendered":"Bitcoin Breaks Out Of Cup-And-Handle Pattern, Eyes $276,000 Target"},"content":{"rendered":"

The market\u2019s leading cryptocurrency, Bitcoin (BTC), has rejoined the crypto rally, gaining momentum on Friday amid reports that President-elect Donald Trump may issue an executive order prioritizing cryptocurrencies <\/a>as soon as he takes office.\u00a0<\/p>\n

As of the latest data<\/a> from CoinGecko, Bitcoin surged nearly 5% in the 24-hour time frame, reaching $104,000. The broader cryptocurrency market, represented by the CoinDesk 20 index, also saw an uptick, rising 1% following a 4% increase on Thursday.<\/p>\n

Excitement Builds Ahead Of Trump\u2019s Executive Orders\u00a0<\/h2>\n

This newfound interest in Bitcoin has positively impacted exchange operators, with shares of platforms like Coinbase and Robinhood climbing approximately 5% and 3%, respectively.\u00a0<\/p>\n

According <\/a>to CNBC, the excitement follows a Bloomberg report indicating that Trump might establish the crypto advisory council he had previously promised, potentially giving the industry a significant voice in his administration.\u00a0<\/p>\n

Discussions surrounding a national Bitcoin stockpile are also part of the anticipated executive order, which is expected to address various aspects of cryptocurrency policy, according to a report <\/a>by the New York Times.<\/p>\n

While the prospect of a pro-crypto administration and Congress in 2025 is encouraging for the industry, some Wall Street analysts caution that the full impact may not be felt immediately.\u00a0<\/p>\n

Coins and crypto projects outside of Bitcoin could reportedly benefit the most from clear and supportive regulations<\/a>, especially as they have been more vulnerable to Securities and Exchange Commission (SEC) lawsuits and perceived banking discrimination under the previous administration.\u00a0<\/p>\n

Analysts Eye Record-Breaking Bitcoin Prices\u00a0<\/h2>\n

Bitcoin\u2019s performance has been closely aligned with the stock market this year, following a period of consolidation that began in late December.\u00a0<\/p>\n

This came after Federal Reserve Chair Jerome Powell raised concerns about inflation, a sentiment that has since eased with two favorable inflation reports in January.\u00a0<\/p>\n

Expectations are high that any announcements from the incoming administration next week could propel Bitcoin\u2019s price even higher, potentially setting new records<\/a>.\u00a0<\/p>\n

Analysts believe that the new administration, along with a new SEC chairman, could usher in opportunities for innovation within the cryptocurrency space.\u00a0<\/p>\n

JPMorgan analyst Kenneth Worthington noted that while the environment is promising, the market capitalization of other tokens and lower investor interest may limit the impact of new cryptocurrency products.<\/p>\n

In a favorable technical development, crypto analyst Ali Martinez recently pointed out <\/a>that Bitcoin has broken out of a cup-and-handle pattern, a bullish indicator in technical analysis.\u00a0<\/p>\n

This pattern resembles a \u201ccup\u201d followed by a downward trend, or \u201chandle,\u201d which typically signals a buying opportunity<\/a>.\u00a0According to Martinez, this suggests a potential upside target of $276,400 for Bitcoin\u2014more than doubling its record high of $108,000 reached at the end of last year.<\/p>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

The market\u2019s leading cryptocurrency, Bitcoin (BTC), has rejoined the crypto rally, gaining momentum on Friday amid reports that President-elect Donald Trump may issue an executive order prioritizing cryptocurrencies as soon as he takes office.\u00a0 As of the latest data from CoinGecko, Bitcoin surged nearly 5% in the 24-hour time frame, reaching $104,000. The broader cryptocurrency […]<\/p>\n","protected":false},"author":0,"featured_media":36782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-36781","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\/36781"}],"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=36781"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/36781\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/36782"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}