{"id":565259,"date":"2023-12-13T21:00:50","date_gmt":"2023-12-13T21:00:50","guid":{"rendered":"https:\/\/ktsl888.com\/?p=565259"},"modified":"2024-06-11T07:46:40","modified_gmt":"2024-06-11T07:46:40","slug":"bitcoin-move-to-69000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-move-to-69000\/","title":{"rendered":"Analyst Sees Bitcoin Move To $69,000 As Cup And Handle Pattern Appears"},"content":{"rendered":"

Bitcoin saw a rather rapid correction<\/a> at the start of the week which brought it back to the $40,000 level. This correction understandably shook up some investors in the market, who rushed to panic sell in order to avoid more losses. Once the selling began to die down, the price of the cryptocurrency has been on a slow but steady recovery<\/a>. Amid this, one crypto analyst has predicted that there could be further upside to come for Bitcoin.<\/p>\n

Bitcoin Price Could Retest $69,000<\/h2>\n

Currently, $69,000 is the holy grail when it comes to price targets for Bitcoin because this remains the asset\u2019s all-time high price. While the price is only at $40,000, it is important to note that it will only take another 70% move from here for the price to reach a new all-time high.<\/p>\n

Related Reading: Bitcoin Price Gain Slows Down: Glassnode\u2019s Fair Value Models Puts The Crypto At $36,000<\/a><\/div>\n

On the topic of reclaiming this all-time high price, crypto analyst Weslad took to TradingView to share<\/a> their most recent analysis of Bitcoin. According to Weslad, the Bitcoin price<\/a> could be gearing up for a retest that could take it back to $69,000. This retest is confirmed by the appearance of a cup and handle pattern that suggests a further upside for the price.<\/p>\n

As the crypto analyst points out, Bitcoin completed a neckline breakout of a cup and handle pattern when it surged above $31,800 and continued to rise. This completed the cup and handle pattern<\/a>, and is \u201cnow serving as immediate support and demand,\u201d Weslad explained.<\/p>\n

The completion of this pattern is also a major factor for an upcoming rally<\/a>. This is because the pattern is yet to complete the breakout and has not reached its final target yet. As the chart shared by the analyst shows, the current correction is expected and the final target for this pattern sits somewhere around $69,000.<\/p>\n

\"Bitcoin<\/p>\n

BTC price sitting at $41,200 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
BTC Price Could Go One Of Two Directions<\/h2>\n
While the possibility of a Bitcoin breakout<\/a> does remain high due to the completion of the cup and handle pattern, there is still more than one scenario that could play out from here. Naturally, the two possible scenarios here are either bullish or bearish.<\/p>\n
Related Reading: Shiba Inu Rally To $0.0001? Shibarium Transaction Count Breaches 90 Million Milestone<\/a><\/div>\n
Weslad presents two scenarios with the first one being an upward rally. The analyst explains that this rally, marked Scenario A, could come as a result of the sustained support at the Handle\u2019s target zone. In this case, there is resistance for the BTC price<\/a> between $48,000 and $50,000.<\/p>\n
Moving on to the next scenario, Scenario B is the bulls failing to surmount the expected resistance at $48,000 and $50,000. In such a case, the analyst suggests that the Bitcoin price could correct further down, going as low as the Neckline at $31,000, which currently acts as a critical support zone.<\/p>\n
Featured image from Crypto News, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin saw a rather rapid correction at the start of the week which brought it back to the $40,000 level. This correction understandably shook up some investors in the market, who rushed to panic sell in order to avoid more losses. Once the selling began to die down, the price of the cryptocurrency has been on a slow but steady recovery. Amid this, one crypto analyst has predicted that there could be further upside to come for Bitcoin. Bitcoin Price Could Retest $69,000 Currently, $69,000 is the holy grail when it comes to price targets for Bitcoin because this remains the asset\u2019s all-time high price. While the price is only at $40,000, it is important to note that it will only take another 70% move from here for the price to reach a new all-time high. Related Reading: Bitcoin Price Gain Slows Down: Glassnode\u2019s Fair Value Models Puts The Crypto At $36,000 On the topic of reclaiming this all-time high price, crypto analyst Weslad took to TradingView to share their most recent analysis of Bitcoin. According to Weslad, the Bitcoin price could be gearing up for a retest that could take it back to $69,000. This retest is confirmed by the appearance of a cup and handle pattern that suggests a further upside for the price. As the crypto analyst points out, Bitcoin completed a neckline breakout of a cup and handle pattern when it surged above $31,800 and continued to rise. This completed the cup and handle pattern, and is \u201cnow serving as immediate support and demand,\u201d Weslad explained. The completion of this pattern is also a major factor for an upcoming rally. This is because the pattern is yet to complete the breakout and has not reached its final target yet. As the chart shared by the analyst shows, the current correction is expected and the final target for this pattern sits somewhere around $69,000. BTC price sitting at $41,200 | Source: BTCUSD on Tradingview.com BTC Price Could Go One Of Two Directions While the possibility of a Bitcoin breakout does remain high due to the completion of the cup and handle pattern, there is still more than one scenario that could play out from here. Naturally, the two possible scenarios here are either bullish or bearish. Related Reading: Shiba Inu Rally To $0.0001? Shibarium Transaction Count Breaches 90 Million Milestone Weslad presents two scenarios with the first one being an upward rally. The analyst explains that this rally, marked Scenario A, could come as a result of the sustained support at the Handle\u2019s target zone. In this case, there is resistance for the BTC price between $48,000 and $50,000. Moving on to the next scenario, Scenario B is the bulls failing to surmount the expected resistance at $48,000 and $50,000. In such a case, the analyst suggests that the Bitcoin price could correct further down, going as low as the Neckline at $31,000, which currently acts as a critical support zone. Featured image from Crypto News, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":565264,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-565259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nAnalyst Sees Bitcoin Move To $69,000 As Cup And Handle Pattern Appears<\/title>\n<meta name=\"description\" content=\"Bitcoin saw a rather rapid correction at the start of the week which brought it back to the $40,000 level.\" \/>\n<meta name=\"robots\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Sees Bitcoin Move To $69,000 As Cup And Handle Pattern Appears","url":"http:\/\/ktsl888.com\/news\/bitcoin-move-to-69000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-move-to-69000\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/12\/Bitcoin-price.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/12\/Bitcoin-price.jpeg?fit=1200%2C800"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2023-12-13T21:00:50Z","datePublished":"2023-12-13T21:00:50Z","dateModified":"2024-06-11T07:46:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Sees Bitcoin Move To $69,000 As Cup And Handle Pattern Appears\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-move-to-69000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-move-to-69000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Bitcoin-price.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Bitcoin-price.jpeg?fit=1200%2C800\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2023-12-13T21:00:50Z\",\"datePublished\":\"2023-12-13T21:00:50Z\",\"dateModified\":\"2024-06-11T07:46:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/12\/Bitcoin-price.jpeg?fit=1200%2C800","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/565259"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=565259"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/565259\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/565264"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=565259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=565259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=565259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}