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After a slightly slow start up to 2025, the Bitcoin price in the second quarter of the year started to make an impression. The Prime Minister Cryptocurrency recovered the $ 100,000 earlier this week and seems to make a game for his high price for $ 108,786 this weekend.
The price of BTC seems to have turned the switch in the market, with investors feeling that the world’s largest cryptomarkt is back to where it was at the end of 2024. According to a popular crypto expert, the sale of sales to the first few months of the year is all part of a wider price drop.
Does BTC follow this cup and lever pattern?
In a post of May 9 on X, Chartered Market Technician (CMT) Aksel Kibar shared An interesting update about his recent Bitcoin price analysis. In a at the end of November 2024, the MarktExpert unveiled Post on the social media platform, a long-term breakout signal for the BTC price.
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After the election victory of Donald Trump as president of the United States, the Bitcoin and Crypto markets witnessed a considerable number of Bullish Momentum. Kibar emphasized that, as a result of the rally after the elections, BTC broke above a substantial price level at a large (monthly) time frame.
As shown in the graph above, the Bitcoin prize broke above its “Minor High” around the former of all times of $ 73,737 in November. Based on historical patterns, Kibar emphasized in his graph that the flagship Cryptocurrency goes on a parabolic run when it surpasses the minor High in the cycle.
Interestingly, this breakout formed a cup and fence pattern in November 2024, a technical analysis pattern that looks like a cup in the form of the letter “U”, and the handle has a light downward drift. The cup and handle is considered a bullish pattern that indicates the continuation of an upward trend.
In this specific iteration of this pattern, the price of BTC continued to gather after breaking the $ 73,737 until it reached a six -digit appreciation. The Bitcoin price, however, witnessed a serious correction of up to around $ 74,000 after reaching his current of all time high in January.
However, it seems that Bitcoin witnessed a small withdrawal to the “minor high” before resuming his primary upward trend. In this scenario, Kibar placed the cup and the goal for the market leader uses around $ 137,000, which represents a rally of more than 33% from the current price.
Bitcoin -price at a glance
From this letter, the price of BTC is around $ 103,071, which reflects an increase of almost 1% in the last 24 hours. According to data from Coingecko, the market leader has risen by more than 6% on the weekly period.
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Featured image of Istock, graph of TradingView