The post Bitcoin to Reach $255,000 as Cup-and-Handle Pattern Forms? appeared on BitcoinEthereumNews.com.

Using the cup-and-handle pattern, market analyst Ali has projected that Bitcoin (BTC/USD) price has the potential to hit $255,000. If continued, this technical formation that is usually associated with a bullish confirmation might set the basis for major price advances in the coming months. According to Ali, this pattern indicates a major upward trend, which is important for traders and investors tracking Bitcoin movements. Analyst Ali’s Bullish Target: let’s take a closer look at the Cup-and-Handle Pattern From the Bitcoin chart provided by Ali, a cup-and-handle pattern has been formed. It is a recognized pattern for bullish continuation. It is typically formed by a cup and handle with a rounded base. The cup, then a brief consolidation or a slight pull back. Sometimes known as the handle to pave the way for a breakout on the bullish side. BTC/USDT | Source X From the chart, Ali observed that Bitcoin formed a rounded bottom starting from early 2023, and the handle phase was determined by a consolidation phase around $65000 before the break out of the range. If true, the cup-and-handle pattern in price will mean that Bitcoin may be preparing for an upward move to $255,000. Ali’s projection is at 2.272 Fibonacci extension level, which is an effective measuring tool when calculating potential targets in a given bullish trend. – Advertisement – If Bitcoin continues along this trajectory it could easily attain this target in the next few months making it one of the most meteoric rises of the cryptocurrency. Key Resistance Levels Along the Path to $255,000 While Ali’s analysis points to a long-term target of $255,000, he notes that Bitcoin may encounter significant resistance before reaching this level. The next major resistance can be seen at 1.618 the Fibonacci level around $154,699. This level could turn into a…

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Filed under: News - @ November 16, 2024 3:15 am