BTC handle cascade: Analysts say that if this structural path is followed, BTC prices could reach $230,000.
A cryptocurrency analyst predicts that BTC will experience a significant pump, similar to the breakthroughs of traditional assets such as gold and the S&P 500 index. Based on the Technical Analysis of the current price movement, BTC is showing a cup and handle pattern, which could propel it to a bullish price target of over $230,000.
Based on Technical Analysis, BTC seems to have formed a typical cup and handle pattern within the maximum time range, which is a bullish continuation pattern that usually leads to a significant pump in price. This pattern typically indicates a period of consolidation, followed by an upward breakthrough. If this pattern fully plays out, BTC may soar to new highs.
In a recent analysis shared on social media platform X by technical analyst Gert van Lagen, the cup and handle pattern of BTC was compared to similar patterns observed in gold and the S&P 500 index. Van Lagen pointed out that gold went through a similar setup with the cup and handle pattern, ultimately leading to a full Bull Market Rebound in 2023. This breakthrough pushed gold to new highs and has been continuing until the time of writing, with the current trading price of gold exceeding its historical high of $2,730.
Similarly, the analyst also emphasized a similar cup and handle pattern in the S&P 500 index, which ultimately led to a Rebound starting at the end of 2023, and eventually led the index to set a new high. Van Lagen emphasized that since the bear market in 2022, BTC has been depicting a similar pattern. When BTC hit a historical high in March, the 'cup' part of this pattern had already been completed. Now, BTC is forming the 'handle' part of this pattern, as this Crypto Asset has not yet returned to its historical high in the past seven months.
If the handle pattern ends and a breakout occurs, BTC may be about to experience a strong Rebound, just like gold and the S&P 500 index did during their respective pump periods.
Van Laarhoven said that BTC "is expected to follow the structural trends of the S&P 500 index and gold." In terms of price targets, he predicts a target price of $230,000 for BTC.
At the time of writing this article, the trading price of BTC is $67,350. To reach the price level of $230,000, it would require a pump of 197% compared to the current price.
Interestingly, VanEck's prediction is just one of several bullish viewpoints that have resurfaced, as BTC has been on a positive trajectory since the second week of October. BTC has pumped about 13.5% from $59,500 on October 10, prompting a return of bullish sentiment.
According to reports, this has led to long-term holder increasing their holdings of BTC, currently holding about 2.9 million BTC. Another analyst pointed out that by January 2025, the value of BTC is expected to double, reaching $130,000.
(Data Source: Scott Matherson)