The post Imminent BTC price breakout; Bitcoin forming path to $350,000 spike appeared on BitcoinEthereumNews.com.

As Bitcoin (BTC) seeks to reclaim the $70,000 resistance, a prominent analyst has suggested there is room for more excitement as the maiden cryptocurrency is building momentum toward a six-figure record high. Precisely, the analyst has termed the current price movement as ‘noise’ and indicated that a larger move is likely brewing, pointing out that the asset is forming a cup-and-handle pattern, as Ali Martinez stated in an X post on September 29. Bitcoin price analysis chart. Source: TradingView/Ali_Charts As a reminder, the cup-and-handle formation is among the most bullish chart patterns. It emerges when an asset’s price follows a rounded, concave trajectory followed by a smaller consolidation period before breaking out to the upside. Bitcoin price targets  At the moment, Bitcoin’s price appears to have retraced to the 0.786 Fibonacci level, a key area that could serve as support before the next move up. Martinez suggested that once Bitcoin breaks this pattern, it could rally between $194,000 and $352,000. The analysis also highlighted multiple retracement levels, with the price hovering above 0.786. Historically, breaks from these zones often lead to accelerated price increases. The most significant target is the 1.618 Fibonacci extension at $194,720, though Martinez’s analysis opens the possibility of an ultimate price spike toward $350,000. Elsewhere, another crypto analyst using the pseudonym CrypNuevo noted in an X post on September 29 that the current market structure for Bitcoin shows that significant resistances need to be broken before traders can confidently anticipate a record high. The two resistance levels are $65,700 and $70,000, hindering Bitcoin’s continued upward momentum. A full breakthrough past these levels would signal a structural change in the market. Bitcoin price analysis chart. Source: TradingView Despite the optimism, the expert noted that the market remains dominated by traders, where liquidation heatmaps reveal some liquidity to…

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Filed under: News - @ September 29, 2024 6:49 pm