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Bitcoin’s price promotion is trapped in one tight reach between $ 84,000 and $ 82,000 in recent days, with Bulls who have trouble pushing up. The general market sentiment is one of the Cautious natureAnd the hope for a fast return above $ 90,000 is starting to fade. However, a new technical analysis suggests that Bitcoin is about to be an important meeting because price action shows that the cryptocurrency is Currently in accordance with The cup and handle pattern.
Cup and Hanterere Support can cause a large Bitcoin rally
Recent Bitcoin price movements have taken back attention to an important technical structure of supporting the handle of a cup and hand pattern, which suggests that a bullish setup can take shape. This interesting Bitcoin price activity was passed on In a technical analysis Through a crypto analyst on the TradingView platform.
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The cup and hand pattern in question is formed For several years, with the rounded soil phase that extends from 2021 to half past seven24. This long -term accumulation period saw Bitcoin gradually recover from the Bearish market cycle before he breaks above his neckline resistance. The breakout started the handle formation in the second half of 2024, a consolidation phase that formed the stage for BTC’s next leg up. By November 2024, Bitcoin completed this handle phase and went to an impressive meeting that eventually resulted in a new high point of $ 108,786 in January 2025.
However, the recent 24% correction of these of all time has seen the Bitcoin price Returning to the neck resistance of the cup-and-handle formation. The logical next step is for this neckline resistance to serve as support for the price correction and we could see Bitcoin rebound from here. With regard to a price forecast, Elliott Wave analysis and projections set the price target above $ 130,000, in particular at $ 139,000.
Elliott Wave analysis suggests an increase to $ 130,000
According to the technical framework of Elliot Waves, Bitcoin is currently in A larger fifth impulse formation. However, this fifth wave, which is generally bullish, is interrupted by corrective ABC sub-waves, so that Bitcoin re-test the support of the cup and hand formation. Now that the support has been met, Bitcoin is able to bounce and continue the formation of his fifth impulse wave. This is expected to bring it to the price target above $ 130,000.
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The alignment of cup and manual formation with Elliott golf projections reinforces the case for a major outbreak in the coming months. However, Bitcoin’s basic principles reflect the uncertainty in the short term. There is currently a lack of bullish momentum that is needed to record the $ 90,000 marking, which would be the first step needed to reach $ 130,000. Steady institutional outsource From Spot Bitcoin ETFs, the sales pressure have further increased, which means that Bitcoin’s ability to regain strength in the short term.
At the time of writing, Bitcoin acts at $ 83,500.
Featured image of Unsplash, graph of TradingView.com
