Bitcoin Cup-and-Handle Chart Pattern Suggests Potential $220,000 Price Target
By
@cointelegraph
Toasted golden, schmeared with insight. Top of the rack.
Summary
Bitcoin's price chart shows a cup-and-handle pattern on the weekly chart, a bullish continuation formation that projects a minimum price target of $220,000 for BTC, with some projections reaching as high as $255,000. The pattern consists of a rounded price recovery (the "cup") followed by a short consolidation (the "handle"), and is resolved after a breakout above the handle's resistance. The analysis notes that this target depends on support at $74,000 holding steady.
Key quotes
· 3 pulledBitcoin (BTC) is up roughly 30% from its Feb. 6 low below $60,000 as a multi-year bullish chart pattern suggests BTC price could rise to as high as $220,000 in the coming months.
Bitcoin price has formed a cup-and-handle (C&H) pattern on the weekly chart, suggesting that a massive upward move is still in the cards for BTC.
A cup-and-handle is a bullish continuation pattern where a rounded price recovery forms the 'cup,' followed by a short consolidation inside a 'handle' before a breakout.
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