- Bitcoin retested its $69K neckline after breakout and now forms a move that aligns with wave five structure
- Chart data shows that many traders exited at the red zone which is far below the projected target zone
- The analyst marked $320K as an exponential path from the completed cup and handle shape across three years
Bitcoin has completed a textbook cup and handle pattern on the weekly chart and now targets an exponential move toward $320,000. The neckline around $69,000, previously resistance, has flipped to support following a breakout and successful retest. Chart data from analyst Gert van Lagen suggests the move could now enter wave five of a bullish Elliott structure.
Source:
X
Weekly Pattern Confirms Cup and Handle Formation
The chart shows a full multi-year cup formation that began in late 2021 and bottomed out near mid-2022. Bitcoin then gradually recovered, forming a smooth curved base, with the neckline forming near $69,000. This line served as resistance throughout the handle formation until a breakout occurred.
From July 2024 to June 2025, Bitcoin moved sideways in a tightening handle pattern. A confirmed breakout took place at point three, followed by a short retest at point four. According to the analysis, this retest confirms support at the neckline, setting the stage for a possible exponential rally.
The projected wave five move now targets the $320,000 level, marked as the exponential target. A linear target, shown using a red arrow, stands lower on the scale. The analyst noted that many investors exit positions at this level, often missing the larger move.
Support Zones Hold as Market Momentum Builds
The $107,773 level currently serves as a midpoint between the neckline and exponential price target. Bitcoin is trading near this level as of July 7, 2025, holding strong after the breakout. Historical behavior in similar chart setups shows this midpoint often acts as a consolidation zone.
The analyst emphasized that the breakout and retest pattern matches classical bullish continuation behavior. The handle’s final movement formed a tightening triangle that broke upward in June. Volume data has supported the move with consistent growth during breakout attempts.
Wave labels marked one to five on the chart align with standard Elliott Wave theory. Wave three peaked above $100,000, and the brief correction into wave four occurred just below the breakout zone. The next leg, wave five, could complete the long-term pattern.
Could this charted wave five push Bitcoin into a new long-term valuation era?
Social Engagement and Market Focus Rise
The chart was posted by Gert van Lagen on July 7 and has received over 36.8K views, 780 likes, and 214 reposts. The analysis quickly gained attention on X, with users commenting on timing, accuracy, and projected growth. Questions about the $320,000 timeline remain open.
The caption states the red arrow marks the linear target, where most exits occur historically. The analyst warned not to exit too early based on past data. This messaging was paired with an upward arrow pointing directly to the $320,000 exponential zone.
The chart highlights the full span of Bitcoin’s journey from sub-$20,000 levels to six-digit projections. The analysis uses clear labeling and simple geometry to present the cup and handle pattern, matching historical formations. With support holding and structure complete, market watchers await the next candle.
