The post Bitcoin Price To Go ‘Vertical’ Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle Pattern appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. The Bitcoin price could see its price surging dramatically to $200,000, with the formation of a new Cup and Handle pattern. While the pioneer cryptocurrency has been slowly recovering from bearish trends to reach the $70,000 mark, a rally to $200,000 would mark a historical milestone and a new All-Time-High (ATH) for BTC.  Technical Pattern Signals $200,000 Rally Ahead Popular crypto analyst, Mags has unveiled a new technical pattern in the Bitcoin price chart. According to his post on X (formerly Twitter), Bitcoin is currently forming “a massive cup and handle pattern,” indicating a potential for a major rally.  Related Reading Mags revealed that the Bitcoin price has just moved past the handle portion in the technical pattern, indicating a positive signal for a breakout that could start a bullish phase. As its name suggests, a Cup and Handle pattern is a key technical chart pattern that resembles a cup and handle. In this chart pattern, the cup is in the shape of a U and is considered a bullish signal, while the handle represents a slight downward drift, which indicates a potential buying opportunity to go long.  Source: X Mags observed that since Bitcoin has just broken past the handle, the next level is to watch the “neckline” which serves as a resistance point. If Bitcoin can break through the neckline, it’s price could surge dramatically or like the analyst says “go vertical.” This bull rally could see Bitcoin’s price driving towards $200,000, marking a new all time high for the cryptocurrency. Currently, the price of Bitcoin is trading at $66,972, reflecting a slight 2.02% decrease in the past seven days, according to CoinMarketCap. While Mags has projected a $200,000 price increase for Bitcoin, the analyst has also forecasted even higher price targets in…

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Filed under: News - @ October 27, 2024 1:05 am