Bitcoin - A Long Term Analysis - Cup and Handle Pattern

22 thg 7, 2024

Bitcoin has formed a promising cup and handle pattern on the weekly chart. Currently, the price is trading within the handle and appears poised for a breakout. A confirmed breakout from the handle could propel Bitcoin's price above $100K.

The handle formed during the correction period following the Bitcoin halving, which was anticipated. Fundamentally, a bull run is expected during the last quarter of 2024 and the first quarter of 2025, which suggests a natural price increase. Breaking the previous all-time high around 73K would further drive the price upward, with my target for this bull run set at $140K.

For a safer trade, consider entering after a breakout above $73K. For those seeking an early entry, you can buy at the current price and hold until the peak of the bull run.

Stay tuned for more updates.

Cheers,
GreenCrypto

9 thg 8, 2024

Ghi chú

Price is still trading inside the handle