Bitcoin has formed signals of an “explosive movement” into the range of $100,000-150,000 by Q1 2025. This was noted by investor and co-founder of Okse under the nickname Elja.
$BTC massive cup and pattern handle 👀
You’re not bullish enough 🚀#Bitcoin pic.twitter.com/cyPcbMcpdr
— Elja (@Eljaboom) September 14, 2024
The analyst found a cup and handle pattern – a round bottom (cup) followed by a consolidation phase (handle). The formation indicates a period of sideways dynamics in a narrow corridor, which often precedes a major bullish breakout.
The cup began to emerge after the peak in late 2021, and the handle – after the price pullback from the resistance at $ 65,000-69,000. The pattern is confirmed after the latter is broken. This suggests a subsequent increase by an amount equal to the maximum distance between the neckline and the bottom of the cup.
An analyst nicknamed Nestay noted the most “explosive” combination of technical indicators in eight years in cryptocurrencies. Among them are Bollinger Bands, RSI, Stochastic RSI, Crypto Fear & Greed Index.
8 years in crypto but i don’t think i’ve ever seen a setup this explosive.#Bitcoin is a ticking time bomb. pic.twitter.com/XnJWhf1cjf
— nestay (@nestayxbt) September 14, 2024
Earlier, ARK Invest named $52,000 and $46,000 as the most important supports for the first cryptocurrency.
Standard Chartered has concluded that Bitcoin is capable of breaking its record by the end of the year, regardless of the outcome of the US presidential election.
Bitwise said that the digital asset market will begin to grow in October-November due to the end of macroeconomic and political uncertainty in the United States.
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Source: Cryptocurrency
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