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As of 3:30 am EST, the price of Bitcoin is trading at $66,182, down 0.12% from the previous day, per CoinMarketCap data.
Since finding support from the $15,500 support level in November 2022, Bitcoin has been on a prolonged climb.
The price has now more than tripled from that point forward. The large crypto is predicted to see a massive breakout based on the technical setup.
On the daily chart, the BTC price movement has resulted in the development of the cup and handle chart pattern, as indicated below.
The rounded bottom of this chart, known as a “cup,” is followed by a “handle.” The cup’s peak is to the right of the handle, which has a brief downward trend.
Usually, it doesn’t drop below the cup’s bottom. The “neckline,” a trend line placed between the peaks of the handle and the cup, is essential for monitoring a breakout.
By measuring the distance between the right side top of the cup and its bottom, and adding it to the breakout point at $69,150, a clean daily candlestick close above the neckline predicts a 77% upsurge to $123,240.
Considering that it signifies an 86% increase from the current price and ushers the new cryptocurrency into price discovery by breaking over the psychological levels at $100,000 and $200,000, this move would be fascinating to observe.
Although the price of Bitcoin appears to be trending in a sensible direction, the cup and handle configuration has not yet received confirmation.
The pattern’s cup portion is yet unfinished. Beyond that, in order to provide a confirmation, the price of the original coin must cross the breakout mark at $69,150.
Read Also: Toncoin Soars Towards All-Time High Amid Bitcoin’s Bullish Reversal
The relative strength indicator (RSI) was pointing lower at the time of writing, indicating that the bears were taking the lead in the market. The strength of the price at 57 indicates that the market is still biased toward the upward.
The price of Bitcoin may decrease if it declines from its current level. A daily candlestick closure below the crucial $60,000 level in this scenario would produce a lower bottom and refute the bullish argument.
In light of this occurrence, the price of Bitcoin would decline by 75% to $15,000, the bottom of the cup.
Disclaimer: The information provided is for educational and informational purposes only. It does not constitute financial advice, and you should always conduct your research or consult with a professional before making any investment decisions.
