{"id":624356,"date":"2024-06-13T08:45:20","date_gmt":"2024-06-13T08:45:20","guid":{"rendered":"https:\/\/ktsl888.com\/?p=624356"},"modified":"2024-06-13T07:52:48","modified_gmt":"2024-06-13T07:52:48","slug":"bitcoin-price-300000-massive-bullish-pattern","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-300000-massive-bullish-pattern\/","title":{"rendered":"Bitcoin Price’s Path To $300,000 Cleared By Massive Bullish Pattern, Says Analyst"},"content":{"rendered":"

According to an analysis<\/a> shared by renowned crypto analyst Gert van Lagen, the Bitcoin price chart has illustrated a significant technical pattern in the 3-day chart (BTC\/USD) that could potentially signal an upsurge to as high as $300,000. Known as the “Cup with Handle,” this pattern is celebrated among traders for its predictive reliability and bullish implications.<\/p>\n

Unpacking The Massive Bitcoin Cup And Handle Pattern<\/h2>\n

The Cup with Handle is a bullish continuation pattern that resembles a teacup on a chart. This pattern is formed when the price initially drops and then rises to form a rounded bottom\u2014the “cup”\u2014followed by a smaller downward move\u2014the “handle”\u2014before resuming its upward trajectory.<\/p>\n

\"Bitcoin
BTC price has formed a cup and handle pattern, 3-day chart | Source: X<\/figcaption><\/figure>\n

The Cup: This segment of the pattern represents a period of consolidation and recovery. It typically starts with a high price point, gradually descends to a rounded, U-shaped trough, and ascends back to the initial high. In the case of Bitcoin, the cup formation began in November 2021 when the price reached its cycle high<\/a> at $69,000 and ended in March 2024 after reclaiming the old all-time high, indicating the end of a long-term consolidation phase.<\/p>\n

Related Reading: Is The Crypto Surge Over? Bitcoin Stalls At $72,000 As Investor Enthusiasm Wanes<\/a><\/div>\n

The Handle: Following the cup, a slight downward drift forms the handle, which is smaller in depth and duration compared to the cup. It usually represents a final consolidation or a shakeout of less bullish investors<\/a> before a significant breakout. Bitcoin\u2019s handle formed over the last several months, showing a tighter price range and lower volatility.<\/p>\n

Upon the completion of the handle, the prevailing bullish sentiment<\/a> and buying pressure often drive the price above the previous resistance level\u2014formed by the rim of the cup. This breakout is critical as it confirms the pattern and sets the stage for future price gains.<\/p>\n

The target price following a Cup with Handle breakout can be projected by measuring the depth of the cup and extrapolating this distance upwards from the point of breakout. For Bitcoin, the lowest point of the cup at roughly $15,500 relative to the initial high at $69,000 provides a vertical measure.<\/p>\n

Related Reading: Bitcoin Is \u2018Still Significantly Undervalued,\u2019 Says Finance Guru Bill Miller IV<\/a><\/p>\n

Via X, Gert van Lagen stated: \u201cBTC [3D] – Cup with Handle targeting $300k. Price has broken out of the handle \/ bull flag and retested it successfully for about four weeks already.\u201d<\/p>\n

Perspectives From Other Analysts<\/h2>\n

Crypto analyst Nunya Bizniz has critiqued the analysis by pointing out the differences in outcomes based on whether measurements are taken on a logarithmic or a linear scale. According to Bizniz, a linear projection suggests a target near $121,947, while a logarithmic projection might see the price ascend to approximately $309,295.<\/p>\n

\n

Measured move targets on a log chart? pic.twitter.com\/xiIfBGK8tR<\/a><\/p>\n

\u2014 Nunya Bizniz (@Pladizow) June 13, 2024<\/a><\/p><\/blockquote>\n

Jonathan Hobbs, CFA, added a cautious note to the discussion, suggesting that projections at the upper end of these scales tend to attract significant attention and can influence market sentiment disproportionately. \u201cLooks like we\u2019re at the stage of the bull market where posting about the highest possible Bitcoin targets drives the most engagement,\u201d he stated.<\/p>\n

At press time, BTC traded at $67,513.<\/p>\n

\"Bitcoin
Bitcoin holds above $67,000, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

According to an analysis shared by renowned crypto analyst Gert van Lagen, the Bitcoin price chart has illustrated a significant technical pattern in the 3-day chart (BTC\/USD) that could potentially signal an upsurge to as high as $300,000. Known as the “Cup with Handle,” this pattern is celebrated among traders for its predictive reliability and bullish implications. Unpacking The Massive Bitcoin Cup And Handle Pattern The Cup with Handle is a bullish continuation pattern that resembles a teacup on a chart. This pattern is formed when the price initially drops and then rises to form a rounded bottom\u2014the “cup”\u2014followed by a smaller downward move\u2014the “handle”\u2014before resuming its upward trajectory. The Cup: This segment of the pattern represents a period of consolidation and recovery. It typically starts with a high price point, gradually descends to a rounded, U-shaped trough, and ascends back to the initial high. In the case of Bitcoin, the cup formation began in November 2021 when the price reached its cycle high at $69,000 and ended in March 2024 after reclaiming the old all-time high, indicating the end of a long-term consolidation phase. Related Reading: Is The Crypto Surge Over? Bitcoin Stalls At $72,000 As Investor Enthusiasm Wanes The Handle: Following the cup, a slight downward drift forms the handle, which is smaller in depth and duration compared to the cup. It usually represents a final consolidation or a shakeout of less bullish investors before a significant breakout. Bitcoin\u2019s handle formed over the last several months, showing a tighter price range and lower volatility. Upon the completion of the handle, the prevailing bullish sentiment and buying pressure often drive the price above the previous resistance level\u2014formed by the rim of the cup. This breakout is critical as it confirms the pattern and sets the stage for future price gains. The target price following a Cup with Handle breakout can be projected by measuring the depth of the cup and extrapolating this distance upwards from the point of breakout. For Bitcoin, the lowest point of the cup at roughly $15,500 relative to the initial high at $69,000 provides a vertical measure. Related Reading: Bitcoin Is \u2018Still Significantly Undervalued,\u2019 Says Finance Guru Bill Miller IV Via X, Gert van Lagen stated: \u201cBTC [3D] – Cup with Handle targeting $300k. Price has broken out of the handle \/ bull flag and retested it successfully for about four weeks already.\u201d Perspectives From Other Analysts Crypto analyst Nunya Bizniz has critiqued the analysis by pointing out the differences in outcomes based on whether measurements are taken on a logarithmic or a linear scale. According to Bizniz, a linear projection suggests a target near $121,947, while a logarithmic projection might see the price ascend to approximately $309,295. Measured move targets on a log chart? pic.twitter.com\/xiIfBGK8tR \u2014 Nunya Bizniz (@Pladizow) June 13, 2024 Jonathan Hobbs, CFA, added a cautious note to the discussion, suggesting that projections at the upper end of these scales tend to attract significant attention and can influence market sentiment disproportionately. \u201cLooks like we\u2019re at the stage of the bull market where posting about the highest possible Bitcoin targets drives the most engagement,\u201d he stated. At press time, BTC traded at $67,513. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":624357,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,92577,656,679,6848,1119,1122,92578],"class_list":["post-624356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-cup-and-handle","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-btc-price","tag-gert-van-lagen"],"acf":[],"yoast_head":"\nBitcoin's Path To $300,000 Cleared By Bullish Pattern: Analyst<\/title>\n<meta name=\"description\" content=\"According to an analysis shared by renowned crypto analyst Gert van Lagen, the Bitcoin price chart has illustrated a significant technical pattern in the\" \/>\n<meta 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