{"id":660998,"date":"2024-12-12T06:00:19","date_gmt":"2024-12-12T06:00:19","guid":{"rendered":"https:\/\/ktsl888.com\/?p=660998"},"modified":"2024-12-11T15:57:00","modified_gmt":"2024-12-11T15:57:00","slug":"bitcoin-on-track-for-275000-analyst-cites-cup-and-handle-formation","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-on-track-for-275000-analyst-cites-cup-and-handle-formation\/","title":{"rendered":"Bitcoin On Track For $275,000? Analyst Cites Cup And Handle Formation"},"content":{"rendered":"

Bitcoin (BTC) fell to $94,500 yesterday after Microsoft shareholders decisively rejected a Bitcoin treasury proposal to allocate 1% of the company\u2019s total assets to buy BTC as an inflation hedge. However, analysts are still confident of further appreciation of the BTC price.<\/span><\/p>\n

Bitcoin May Surge As High As $275,000<\/span><\/h2>\n

According to data<\/a> from Coinglass, over $478 million worth of contracts – primarily long positions – were liquidated in the past 24 hours following the plunge in BTC and other cryptocurrencies. Interestingly, liquidation volumes were higher in altcoins compared to Bitcoin.<\/span><\/p>\n

Related Reading: Bitcoin Resets Open Interest, Targets $100,000 After Holding Key Support \u2013 Details<\/a><\/div>\n

However, some analysts view this price dip as a buying opportunity. Seasoned crypto analyst Ali Martinez took to X to <\/span>highlight<\/span><\/a> a long cup and handle pattern forming on Bitcoin\u2019s weekly chart.<\/span><\/p>\n

For those unfamiliar, the cup and handle pattern is a bullish technical formation that resembles a rounded \u201ccup\u201d followed by a brief consolidation period or \u201chandle.\u201d It typically signals the potential for a continuation of an uptrend, often leading to significant price gains.<\/span><\/p>\n

Martinez noted that the pattern suggests Bitcoin could surge as high as $275,000, based on its technical structure. However, he also urged traders to exercise caution and avoid overleveraging their positions.<\/span><\/p>\n

\"cup
Source: ali_charts on X<\/a><\/figcaption><\/figure>\n

On the other hand, prominent crypto analyst @Trader_XO <\/span>warned<\/span><\/a> that Bitcoin must maintain its support at $90,000 to avoid further downside. Should BTC lose this critical level, it could drop as low as $85,000. Conversely, holding above $90,000 would allow the cryptocurrency to rebound and resume its uptrend.<\/span><\/p>\n

BTC Takes Another Jab At Breaking Through $100,000<\/span><\/h2>\n

Despite yesterday\u2019s dip, Bitcoin recovered swiftly, trading near $100,000 at the time of writing. The flagship cryptocurrency has remained in an overall uptrend, likely bolstered by today\u2019s US inflation <\/span>data<\/span><\/a> for November, which largely aligned with market expectations.<\/span><\/p>\n

Related Reading: Bitcoin Price Could Peak In 200 Days, Before US Recession In Mid-2025, Report Says<\/a><\/div>\n

Bitcoin recently hit a new all-time high (ATH) of $103,679, according to <\/span>data<\/span><\/a> from CoinGecko. However, its price has fluctuated above and below the pivotal $100,000 mark, leading to over $1.5 billion in liquidations in the past week.<\/span><\/p>\n

Several factors could drive Bitcoin\u2019s price to a new ATH. For instance, BTC reserves on cryptocurrency exchanges have <\/span>hit<\/span><\/a> multi-year lows, reflecting rising demand for the digital asset.<\/span><\/p>\n

American financier and former investment banker Anthony Scaramucci recently <\/span>predicted<\/span><\/a> China might establish its own Bitcoin reserve if the US <\/span>proceeds<\/span><\/a> with its strategic Bitcoin reserve plans. National BTC reserves are expected to reinforce Bitcoin\u2019s supply scarcity narrative, potentially driving prices higher.<\/span><\/p>\n

At the same time, BTC adoption among corporations continues to rise, as Canadian video-sharing firm Rumble <\/span>became<\/span><\/a> the latest company to unveil a BTC treasury strategy. BTC trades at $100,453 at press time, up 4.1% in the past 24 hours.<\/span><\/p>\n

\"bitcoin\"
BTC trades at $100,453 on the daily chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Unsplash, Charts from X and TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) fell to $94,500 yesterday after Microsoft shareholders decisively rejected a Bitcoin treasury proposal to allocate 1% of the company\u2019s total assets to buy BTC as an inflation hedge. However, analysts are still confident of further appreciation of the BTC price. Bitcoin May Surge As High As $275,000 According to data from Coinglass, over $478 million worth of contracts – primarily long positions – were liquidated in the past 24 hours following the plunge in BTC and other cryptocurrencies. Interestingly, liquidation volumes were higher in altcoins compared to Bitcoin. Related Reading: Bitcoin Resets Open Interest, Targets $100,000 After Holding Key Support \u2013 Details However, some analysts view this price dip as a buying opportunity. Seasoned crypto analyst Ali Martinez took to X to highlight a long cup and handle pattern forming on Bitcoin\u2019s weekly chart. For those unfamiliar, the cup and handle pattern is a bullish technical formation that resembles a rounded \u201ccup\u201d followed by a brief consolidation period or \u201chandle.\u201d It typically signals the potential for a continuation of an uptrend, often leading to significant price gains. Martinez noted that the pattern suggests Bitcoin could surge as high as $275,000, based on its technical structure. However, he also urged traders to exercise caution and avoid overleveraging their positions. On the other hand, prominent crypto analyst @Trader_XO warned that Bitcoin must maintain its support at $90,000 to avoid further downside. Should BTC lose this critical level, it could drop as low as $85,000. Conversely, holding above $90,000 would allow the cryptocurrency to rebound and resume its uptrend. BTC Takes Another Jab At Breaking Through $100,000 Despite yesterday\u2019s dip, Bitcoin recovered swiftly, trading near $100,000 at the time of writing. The flagship cryptocurrency has remained in an overall uptrend, likely bolstered by today\u2019s US inflation data for November, which largely aligned with market expectations. Related Reading: Bitcoin Price Could Peak In 200 Days, Before US Recession In Mid-2025, Report Says Bitcoin recently hit a new all-time high (ATH) of $103,679, according to data from CoinGecko. However, its price has fluctuated above and below the pivotal $100,000 mark, leading to over $1.5 billion in liquidations in the past week. Several factors could drive Bitcoin\u2019s price to a new ATH. For instance, BTC reserves on cryptocurrency exchanges have hit multi-year lows, reflecting rising demand for the digital asset. American financier and former investment banker Anthony Scaramucci recently predicted China might establish its own Bitcoin reserve if the US proceeds with its strategic Bitcoin reserve plans. National BTC reserves are expected to reinforce Bitcoin\u2019s supply scarcity narrative, potentially driving prices higher. At the same time, BTC adoption among corporations continues to rise, as Canadian video-sharing firm Rumble became the latest company to unveil a BTC treasury strategy. BTC trades at $100,453 at press time, up 4.1% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com<\/p>\n","protected":false},"author":619,"featured_media":661007,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,84969,1119,78790,1558,86614,15385,2438,4078],"class_list":["post-660998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-reserve","tag-btc","tag-btcusdt","tag-cryptocurrency","tag-cup-and-handle","tag-digital-asset","tag-inflation","tag-technical-analysis"],"acf":[],"yoast_head":"\nBitcoin On Track For $275,000? 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This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance. In the NFT space, Ash\u2019s interest is driven by the technology\u2019s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash\u2019s research in this area often touches on the intersection of culture, technology, and community-driven projects. A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash\u2019s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution. When it comes to communicating these complex topics, Ash\u2019s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights. Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. 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