{"id":649214,"date":"2024-10-22T19:30:25","date_gmt":"2024-10-22T19:30:25","guid":{"rendered":"https:\/\/uniquehot.com\/?p=649214"},"modified":"2024-10-22T09:24:48","modified_gmt":"2024-10-22T09:24:48","slug":"bitcoin-cup-and-handle-230000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-cup-and-handle-230000\/","title":{"rendered":"Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path"},"content":{"rendered":"

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it <\/span>surging to bullish price targets <\/span><\/a>above $230,000.\u00a0<\/span><\/p>\n

Bitcoin Cup And Handle Cascade<\/h2>\n

According to a technical analysis, Bitcoin appears to be forming a textbook cup and handle pattern on the largest timeframe, which is a bullish continuation pattern that often leads to a major price rally. This formation typically indicates a period of consolidation followed by a breakout to the upside, and if the pattern fully plays out, Bitcoin could surge to new heights.\u00a0<\/span><\/p>\n

Related Reading: Ethereum Price Prediction: Crypto Analyst Says Things Are \u2018About To Get Interesting\u2019<\/a><\/div>\n

In a recent analysis <\/span>shared on<\/span><\/a> the social media platform X, technical analyst Gert van Lagen compared Bitcoin’s ongoing cup and handle formation to similar patterns observed in Gold and the S&P 500. Van Lagen pointed out that Gold experienced a comparable setup of the formation of the cup and handle, which ultimately led to a full-scale bull rally in 2023. This breakout pushed Gold to new highs which has continued up until the time of writing, with Gold now trading above $2,730 in its history.<\/span><\/p>\n

Similarly, the analyst highlighted a similar cup and handle pattern in the SP500, which eventually led to a rally that kickstarted in late 2023 and culminated in new peaks for the index.<\/span><\/p>\n

Van Lagen emphasized that Bitcoin has been tracing out a similar pattern since the 2022 bear market. The “cup” portion of the formation was completed when Bitcoin reached its all-time high back in March. Now, Bitcoin is in the process of forming the “handle” part of the pattern, as the cryptocurrency has<\/span> yet to revisit its all-time high <\/span><\/a>over the past seven months.\u00a0<\/span><\/p>\n

Should the handle formation conclude and a breakout occur, Bitcoin could be on the verge of a strong rally, much like Gold and the S&P 500 experienced during their respective runs.\u00a0<\/span><\/p>\n

BTC To $230,000<\/h2>\n

According to van Lagen, Bitcoin is “poised to follow the structural path of SP500 & Gold.” In terms of a price target, he predicted a target of $230,000 for Bitcoin.<\/span><\/p>\n

At the time of writing, Bitcoin is trading at $67,350. Reaching the $230,000 price level would necessitate a 197% price increase from the current price.<\/span><\/p>\n

Related Reading: Machine Learning Algorithm Predicts XRP Price Direction For This Week, What To Expect<\/a><\/div>\n

Interestingly, van Lagen’s forecast is just one of several bullish outlooks resurfacing as Bitcoin’s price has shown positive momentum<\/span> since the second week of October<\/span><\/a>. Bitcoin is up by about 13.5% from $59,500 on October 10, which has prompted a return of bullish sentiment.<\/span><\/p>\n

According to a report, this has caused a rise in Bitcoin accumulation by long-term holders<\/span>, who now hold about <\/span><\/a>2.9 million BTC. Another analyst noted that Bitcoin <\/span>is on track to double in value<\/span><\/a> and reach $130,000 by January 2025\u00a0<\/span><\/p>\n

\"Bitcoin
BTC bears still pushing for control | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000.\u00a0 Bitcoin Cup And Handle Cascade According to a technical analysis, Bitcoin appears to be forming a textbook cup and handle pattern on the largest timeframe, which is a bullish continuation pattern that often leads to a major price rally. This formation typically indicates a period of consolidation followed by a breakout to the upside, and if the pattern fully plays out, Bitcoin could surge to new heights.\u00a0 Related Reading: Ethereum Price Prediction: Crypto Analyst Says Things Are \u2018About To Get Interesting\u2019 In a recent analysis shared on the social media platform X, technical analyst Gert van Lagen compared Bitcoin’s ongoing cup and handle formation to similar patterns observed in Gold and the S&P 500. Van Lagen pointed out that Gold experienced a comparable setup of the formation of the cup and handle, which ultimately led to a full-scale bull rally in 2023. This breakout pushed Gold to new highs which has continued up until the time of writing, with Gold now trading above $2,730 in its history. Similarly, the analyst highlighted a similar cup and handle pattern in the SP500, which eventually led to a rally that kickstarted in late 2023 and culminated in new peaks for the index. Van Lagen emphasized that Bitcoin has been tracing out a similar pattern since the 2022 bear market. The “cup” portion of the formation was completed when Bitcoin reached its all-time high back in March. Now, Bitcoin is in the process of forming the “handle” part of the pattern, as the cryptocurrency has yet to revisit its all-time high over the past seven months.\u00a0 Should the handle formation conclude and a breakout occur, Bitcoin could be on the verge of a strong rally, much like Gold and the S&P 500 experienced during their respective runs.\u00a0 BTC To $230,000 According to van Lagen, Bitcoin is “poised to follow the structural path of SP500 & Gold.” In terms of a price target, he predicted a target of $230,000 for Bitcoin. At the time of writing, Bitcoin is trading at $67,350. Reaching the $230,000 price level would necessitate a 197% price increase from the current price. Related Reading: Machine Learning Algorithm Predicts XRP Price Direction For This Week, What To Expect Interestingly, van Lagen’s forecast is just one of several bullish outlooks resurfacing as Bitcoin’s price has shown positive momentum since the second week of October. Bitcoin is up by about 13.5% from $59,500 on October 10, which has prompted a return of bullish sentiment. According to a report, this has caused a rise in Bitcoin accumulation by long-term holders, who now hold about 2.9 million BTC. Another analyst noted that Bitcoin is on track to double in value and reach $130,000 by January 2025\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":612157,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-649214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path<\/title>\n<meta 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path","url":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-cup-and-handle-230000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-cup-and-handle-230000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Recover.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Recover.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-10-22T19:30:25Z","datePublished":"2024-10-22T19:30:25Z","dateModified":"2024-10-22T19:30:25Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-cup-and-handle-230000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-cup-and-handle-230000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin-Recover.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin-Recover.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-10-22T19:30:25Z\",\"datePublished\":\"2024-10-22T19:30:25Z\",\"dateModified\":\"2024-10-22T19:30:25Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Recover.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/649214"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=649214"}],"version-history":[{"count":1,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/649214\/revisions"}],"predecessor-version":[{"id":649219,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/649214\/revisions\/649219"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/612157"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=649214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=649214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=649214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}