Bitcoin Technical Analysis Suggests $100,000 Price Target in Sight
If you are a crypto enthusiast keeping an eye on the price of Bitcoin, you may be interested in…
Bitcoin Forms Bullish Cup and Handle Pattern
According to a recent technical analysis published on TradingView by cryptocurrency trader TradingShot, Bitcoin’s price chart on the weekly timeframe has formed a giant cup and handle pattern. This pattern is a bullish signal and suggests that the price of Bitcoin could soon see significant upside potential. Here are some key points to consider:
- A cup and handle pattern refers to a price trend that forms a “u” shape followed by a slight downward drift, creating a handle.
- The chart is currently completing its handle as the price trends downward from $65,000 to $63,500.
- The 200-day moving average (1D MA200) and the 50-week moving average (1W MA50) have been important support levels in the past.
Looking Ahead to Potential Upside
As we look forward to the completion of the handle portion of the cup and handle pattern, there are expectations of significant upside potential for Bitcoin. Here are some key insights:
- Since the bear cycle in November 2022, Bitcoin has experienced three upward price movements ranging from 91% to 99%.
- The next expansion leg could potentially push Bitcoin to a target zone of $100,000 – $110,000 if the 1D MA200 holds as support.
Bitcoin Investor Sentiment Amid Price Volatility
With the recent price drop in Bitcoin, investor sentiment has been affected. Data from on-chain analytics firm Santiment shows that traders have become increasingly fearful or disinterested in the cryptocurrency. Here are some key points to consider:
- Bitcoin trader “fatigue” combined with ongoing whale accumulation can lead to bounce-backs that reward patient investors.
- This extended level of fear, uncertainty, and doubt (FUD) in the market may present opportunities for those willing to wait out the volatility.
Hot Take: Potential $100,000 Bitcoin Price Target
As a crypto enthusiast, you may be excited about the potential for Bitcoin to reach a price target of $100,000 in the near future. With the cup and handle pattern forming on the weekly timeframe chart, there are clear signals of bullish momentum building up. Keep an eye on key support levels and be prepared for potential price movements as Bitcoin continues its upward trajectory.
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