Bitcoin’s price behavior has sparked interest among traders, with technical analysis suggesting a bullish rally on the horizon. The cryptocurrency currently stands at $67,392.71, with a daily trading volume of $42,547,802,643. Despite a recent dip of 2.94%, analyst Sjuul from AltCryptoGems highlights a potentially bullish Cup & Handle pattern forming on the BTC/USDT chart.
What you'll learn 👉
Bitcoin (BTC) Technical Analysis
A Cup & Handle pattern is a bullish chart formation that traders use to identify potential long positions. This pattern consists of a “u” shape (the cup) followed by a slight downward drift (the handle). According to Sjuul, Bitcoin appears to be forming a substantial Cup & Handle pattern, which typically signals a bullish trend.
Sjuul outlines two potential scenarios for trading this pattern. The first scenario involves a deeper pullback along the handle channels. In this case, traders might consider entering the market at the green box, where a clear resistance turned support level is identified, accompanied by the 4H EMA200. This area is ideal for buying if a dip occurs.
The second scenario arises if bulls continue pushing higher. Here, traders would wait for a breakout of the Cup & Handle pattern, entering at the breakout level. In both cases, the key is to see the resistance level broken and left behind; otherwise, the pattern’s validity is compromised.
Bitcoin Price Forecast
If the Cup & Handle pattern holds and breaks out, the technical target should align with the depth of the cup’s low point. Sjuul estimates this target to be around the $90,000 level. This potential surge represents a significant opportunity for traders, emphasizing the importance of closely monitoring Bitcoin’s price movements and the pattern’s development.
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Show more +Bitcoin’s price movements have shown volatility, which is not uncommon in the crypto market. Despite the current price dip, the formation of a Cup & Handle pattern offers a promising outlook. Traders should remain vigilant, watching for either a deeper pullback or a breakout to position themselves effectively.
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