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Bitcoin’s price could rise dramatically to $200,000 with the formation of a new one Head and handle pattern. While the pioneer cryptocurrency is slowly recovering bearish trends to reach the $70,000 mark, a rally to $200,000 would mark a historic milestone and a new All-Time-High (ATH) for BTC.
Technical pattern signals a $200,000 rally
Popular crypto analyst Mags has done just that revealed a new technical pattern in the Bitcoin price chart. According to his post on potential for a big rally.
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Mags revealed that the Bitcoin price has just moved past the handle portion in the technical pattern, indicating a positive signal for a breakout that could begin a bullish phase. As the name suggests, a Cup and Handle pattern is an important technical card pattern that resembles a cup and handle. In this chart pattern, the cup is shaped like a U and is considered a bullish signal, while the handle represents a slight downward drift, indicating a potential buying opportunity to go long.
Mags noted that since Bitcoin has broken just past the handle, the next level is looking at the ‘neckline’, which serves as a resistance point. If Bitcoin can break through the neckline, the price could rise dramatically or, as the analyst says, “go vertical.” This bull rally could push Bitcoin’s price towards $200,000, which would mark a milestone new all time high for the cryptocurrency.
Currently, Bitcoin’s price is trading at $66,972, reflecting a slight decline of 2.02% over the past seven days, according to CoinMarketCap. While Mags has predicted a $200,000 price increase for Bitcoin, the analyst has also predicted even higher price targets in previous X posts, suggesting that a $200,000 price level could be conservative for the world’s first and largest cryptocurrency.
Bitcoin Price Peak Set at $300,000
In another X-post on October 24, Mags revealed that Bitcoin is about to enter its price discovery, indicating an imminent breakout to new levels. Price discovery is the process of determining the true market value of an asset, and for Bitcoin, it suggests when the price could reach new highs.
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Sharing a historical Bitcoin price chart, the analyst identified instances where the cryptocurrency made a price discovery before peaking. In 2014, BTC peakedthen bottomed out in 2015 before reaching another price high in 2018. Similar price action occurred between 2019 and 2024, with BTC bottoming in 2019 and peaking in 2021.
Mags indicated this following this historical price development Bitcoin has bottomed out in 2023 and is now about to enter its price discovery. Once the cryptocurrency does that, it could signal a new all-time high, which Mags has set at an impressive $300,000.
Featured image created with Dall.E, chart from Tradingview.com