{"id":575185,"date":"2024-02-15T08:21:34","date_gmt":"2024-02-15T08:21:34","guid":{"rendered":"https:\/\/wncen.com\/?p=575185"},"modified":"2024-06-11T08:15:20","modified_gmt":"2024-06-11T08:15:20","slug":"bitcoin-price-rally-75000-cup-handle-breakout","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-rally-75000-cup-handle-breakout\/","title":{"rendered":"Bitcoin Price Rally To $75,000 Imminent Due To Massive Cup And Handle Pattern"},"content":{"rendered":"

Matt Dines, the Chief Investment Officer at Build Asset Management, has identified<\/a> a classical ‘Cup and Handle’ pattern in the Bitcoin (BTC) price chart, which he believes could signal an impending rally to $75,000. This technical formation is often considered a strong bullish signal and is closely watched by market analysts and traders.<\/p>\n

Bitcoin Price Validates Cup And Handle Pattern<\/h2>\n

The ‘Cup’ part of the pattern, resembling a bowl or rounding bottom, began forming in March 2022 when the price plunged below $48,000 and entered one of the longest Bitcoin bear markets<\/a>. The pattern reached its lowest point at approximately $17,600, signifying a strong support level for Bitcoin.<\/p>\n

\"Bitcoin
Bitcoin price validates a cup and handle pattern | Source: X @BuildCIO<\/figcaption><\/figure>\n

The left side of the pattern shows a rounded bottom resembling a “cup.\u201d It forms when the price initially declines, then consolidates, and finally starts to rise again. Since hitting this bottom, Bitcoin’s price has made a steady recovery, mimicking the right side of the cup, indicating a bullish reversal of the previous downtrend.<\/p>\n

Related Reading: Bitcoin Price Breaks Past $51,500: 4 Key Reasons<\/a><\/div>\n

“The saucer or the ‘cup’ signifies a consolidation period, a pause in the downward trend, before the price begins to rise back up to the test resistance levels,” Dines explained. The recovery to the initial resistance line completes the ‘cup’ portion of the pattern. The Bitcoin price completed this step in early January<\/a> this year.<\/p>\n

The subsequent ‘Handle’ is represented by a moderate retracement following the recovery, which forms a small dip or pullback from the peak. This handle is identified by a slight downward trajectory and is considered the final consolidation before a breakout.<\/p>\n

BTC\u2019s price drop to $38,600 at the end of January marked the bottom of the pullback<\/a>. With the breakout above $48,000, the Bitcoin price validated the cup and handle pattern.<\/p>\n

Setting A BTC Price Target<\/h2>\n

Dines also addressed the placement of the vertical projection from the bottom of the handle, clarifying its basis: “It\u2019s totally arbitrary and in the eye of the beholder. But longer answer, traders are eyeing charts for formations.”<\/p>\n

The vertical target line, or the ‘stick’ on the right, is projected from the bottom of the handle. The height of the cup \u2014 from the low at around $17,600 to the resistance line at $48,000\u2014 sets the stage for the price target.<\/strong><\/p><\/blockquote>\n

Related Reading: Bitcoin Open Interest Surges To A 2-Year High, BTC Breaks Above $51,000<\/a><\/div>\n

Dines added, \u201cA lot of traders will use the height of the bowl (from the low of the bowl to the top at the resistance line) to set their price target. Just add that height to the bottom of the handle \u2026 that\u2019s a decent guesstimate for where we\u2019d see the longs who entered on the breakthrough to set their price target.”<\/p>\n

Based on the chart, the height from the cup’s low to the resistance level is roughly $31,973, marking the increase in Bitcoin\u2019s price from its lowest point to the current level when the chart was produced. Projecting this height from the handle’s formation suggests a target in the vicinity of $75,000.<\/p>\n

Dines further adds that the collective behavior of market participants will indeed guide the price movement: ” A lot of those longs would set a retrace at ~$75k as they close out their W. If enough participants put this trade on it will set the dominant price action \u2026 they win out and it will turn the chart into reality. I know it sounds ridiculous, but in the real world this is how markets actually discover price.\u201d<\/p>\n

At press time, BTC traded at $51,821.<\/p>\n

\"Bitcoin
BTC price, 1-week chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALLE, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Matt Dines, the Chief Investment Officer at Build Asset Management, has identified a classical ‘Cup and Handle’ pattern in the Bitcoin (BTC) price chart, which he believes could signal an impending rally to $75,000. This technical formation is often considered a strong bullish signal and is closely watched by market analysts and traders. Bitcoin Price Validates Cup And Handle Pattern The ‘Cup’ part of the pattern, resembling a bowl or rounding bottom, began forming in March 2022 when the price plunged below $48,000 and entered one of the longest Bitcoin bear markets. The pattern reached its lowest point at approximately $17,600, signifying a strong support level for Bitcoin. The left side of the pattern shows a rounded bottom resembling a “cup.\u201d It forms when the price initially declines, then consolidates, and finally starts to rise again. Since hitting this bottom, Bitcoin’s price has made a steady recovery, mimicking the right side of the cup, indicating a bullish reversal of the previous downtrend. Related Reading: Bitcoin Price Breaks Past $51,500: 4 Key Reasons “The saucer or the ‘cup’ signifies a consolidation period, a pause in the downward trend, before the price begins to rise back up to the test resistance levels,” Dines explained. The recovery to the initial resistance line completes the ‘cup’ portion of the pattern. The Bitcoin price completed this step in early January this year. The subsequent ‘Handle’ is represented by a moderate retracement following the recovery, which forms a small dip or pullback from the peak. This handle is identified by a slight downward trajectory and is considered the final consolidation before a breakout. BTC\u2019s price drop to $38,600 at the end of January marked the bottom of the pullback. With the breakout above $48,000, the Bitcoin price validated the cup and handle pattern. Setting A BTC Price Target Dines also addressed the placement of the vertical projection from the bottom of the handle, clarifying its basis: “It\u2019s totally arbitrary and in the eye of the beholder. But longer answer, traders are eyeing charts for formations.” The vertical target line, or the ‘stick’ on the right, is projected from the bottom of the handle. The height of the cup \u2014 from the low at around $17,600 to the resistance line at $48,000\u2014 sets the stage for the price target. Related Reading: Bitcoin Open Interest Surges To A 2-Year High, BTC Breaks Above $51,000 Dines added, \u201cA lot of traders will use the height of the bowl (from the low of the bowl to the top at the resistance line) to set their price target. Just add that height to the bottom of the handle \u2026 that\u2019s a decent guesstimate for where we\u2019d see the longs who entered on the breakthrough to set their price target.” Based on the chart, the height from the cup’s low to the resistance level is roughly $31,973, marking the increase in Bitcoin\u2019s price from its lowest point to the current level when the chart was produced. Projecting this height from the handle’s formation suggests a target in the vicinity of $75,000. Dines further adds that the collective behavior of market participants will indeed guide the price movement: ” A lot of those longs would set a retrace at ~$75k as they close out their W. If enough participants put this trade on it will set the dominant price action \u2026 they win out and it will turn the chart into reality. I know it sounds ridiculous, but in the real world this is how markets actually discover price.\u201d At press time, BTC traded at $51,821. Featured image created with DALLE, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":575196,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,6848,1119,1122,1144],"class_list":["post-575185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-btc-price","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Rally To $75,000 Predicted By Cup And Handle Breakout<\/title>\n<meta name=\"description\" content=\"Matt Dines has identified a classical 'Cup and Handle' pattern in the Bitcoin price chart, which could signal an impending rally to $75,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. 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Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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