Bitcoin is headed for $90,000 according to this technical pattern
Bitcoin's recent price movements have caught the attention of traders, with technical analysis suggesting a potential bullish rally.
At the time of writing the price of Bitcoin is $67,200, with a daily trading volume of $38.7 billion. Despite the recent 1.3% drop, AltCryptoGems analyst Sjuul pointed out a possible bullish “Cup Handle” pattern forming on the chart of BTC/ USDT .
Technical analysis
The Cup Handle pattern is a bullish chart formation that is used by traders to identify potential long positions. This model is characterized by a “U” shape (the cup) followed by a slight downward movement (the handle). According to Sjuul, Bitcoin appears to be forming a remarkable Cup Handle formation that usually indicates a bullish trend.
READ MORE:
Bitcoin may not survive, according to Cardano's founderSjuul describes two possible trading scenarios with this model. The first scenario involves pulling back deeper along the handle channels. In this case, traders can look to enter the market at the green area, where the former resistance level has turned into support, complemented by the 4H EMA200. This zone is considered ideal to buy if a dip occurs.
The second scenario occurs if the bulls continue to push higher. In this case, traders will wait for a breakout of the Cup Handle pattern by entering at the breakout level. In both scenarios, the critical factor is to see a breakout and break through the resistance level; otherwise the validity of the model is compromised.
If the Cup Handle pattern holds and breaks, the technical target should match the depth of the lowest point of the cup. According to Sjuul's estimates, that target will be around the $90,000 level. This potential spike represents a significant opportunity for traders, highlighting the importance of closely monitoring BTC price movements and fashion developments
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Arm Q2 fiscal quarter results exceed expectations, but guidance is not impressive; data center royalty income doubles｜Earnings Report Insights
Arm's revenue for the second fiscal quarter rose 27% year-on-year to $1.443 billion, and non-GAAP earnings per share grew 33% to $0.52, both exceeding market expectations. Licensing revenue surged 50%, data center royalties doubled, but overall royalty growth was only 8%, below expectations. The company forecasts median third-quarter revenue of $1.54 billion, slightly above the average analyst estimate of $1.53 billion but lower than some analysts' predictions of $1.7 billion. Arm's share price dropped about 4% in after-hours trading.
Wall Street Warns: In a Divided Government, the 2027 Debt Ceiling Standoff Will Test the "Safe Haven Myth" of US Treasuries
Data shows that since the mid-1990s, following midterm elections under a divided government, the average yield on 10-year US Treasuries has remained at relatively low levels both one month and twelve months after the elections.
Crypto prices
More
