{"id":70782,"date":"2025-06-01T16:00:29","date_gmt":"2025-06-01T16:00:29","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=70782"},"modified":"2025-06-01T16:00:29","modified_gmt":"2025-06-01T16:00:29","slug":"bitcoin-tipped-for-340000-target-if-this-support-level-holds-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=70782","title":{"rendered":"Bitcoin Tipped For $340,000 Target If This Support Level Holds \u2013 Details"},"content":{"rendered":"

A prominent crypto analyst with X username PlanD has backed Bitcoin to maintain its uptrend despite some significant price retracement in the past week. Notably, PlanD states the premier cryptocurrency remains on course for a $340,000 price point but only if a specific support zone remains valid.\u00a0<\/p>\n

Bitcoin Bullish Momentum Hinges On $91,000 \u2013 $100,000 Support Structure<\/strong><\/h2>\n

In an X post<\/a> on May 31, PlanD outlined Bitcoin\u2019s potential to soon re-enter price discovery mode regardless of the recent price dip. Since hitting a new all-time high at $111,970, the flagship cryptocurrency has slipped into a minor corrective phase, forcing market prices to go below $104,000.<\/p>\n

However, PlanD explains that Bitcoin\u2019s price action has a 3-year giant cup and handle pattern that postulates the digital asset is set for immense price gains in the current bull cycle. The cup-and-handle pattern<\/a> is a common chart pattern that signals a bullish continuation in price movement.<\/p>\n

As illustrated in the chart above, the cup is formed Bitcoin\u2019s crash from its previous all-time high at $69,000 in November 2021 followed by a stabilization and recovery period which lasted until March 2024 when Bitcoin returned to the same price level.\u00a0<\/p>\n

This is followed by the handle which is the descending channel as seen from March 2024 to around October 2024 before Bitcoin achieved a decisive price breakout above the neckline of $76,000 in November 2024. Despite registering impressive strides from this price point to around $112,000, PlanD notes that the Cup-and-Handle pattern tips Bitcoin to hit a price target of $340,000 before 2025.\u00a0<\/p>\n

Amidst the ongoing retracement, the analyst states that this bullish structure remains in place as long as Bitcoin remains above the support price zone of $91,000-$100,000. Provided the premier cryptocurrency does not fall below this price level, the ongoing correction is expected to serve as mere pullback in preparation for a major upswing.\n<\/p>\n

Bitcoin Price Overview<\/strong><\/h2>\n

At the time of writing, Bitcoin trades at $104,739 following a minor price gain of 0.64% in the past day. Meanwhile, the asset\u2019s daily trading volume is valued at $40.03 billion following a 31.28% increase in the past day.\u00a0<\/p>\n

Despite this slight price increase in the past day, Bitcoin must return to its current all-time high at $111,970 to neutralize any current bearish potential. However, the premier cryptocurrency will face familiar resistances at the $106,000 and $109,000 to achieve this task.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

A prominent crypto analyst with X username PlanD has backed Bitcoin to maintain its uptrend despite some significant price retracement in the past week. Notably, PlanD states the premier cryptocurrency remains on course for a $340,000 price point but only if a specific support zone remains valid.\u00a0 Bitcoin Bullish Momentum Hinges On $91,000 \u2013 $100,000 […]<\/p>\n","protected":false},"author":0,"featured_media":70783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-70782","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\/70782"}],"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=70782"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/70782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/70783"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=70782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=70782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=70782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}