{"id":650002,"date":"2024-10-27T01:00:04","date_gmt":"2024-10-27T01:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=650002"},"modified":"2024-10-26T12:05:11","modified_gmt":"2024-10-26T12:05:11","slug":"bitcoin-price-vertical-200000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-vertical-200000\/","title":{"rendered":"Bitcoin Price To Go ‘Vertical’ Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle Pattern"},"content":{"rendered":"

The Bitcoin price could see its price surging dramatically to $200,000, with the formation of a new<\/span> Cup and Handle pattern<\/span><\/a>. While the pioneer cryptocurrency has been slowly recovering from<\/span> bearish trends<\/span><\/a> 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.\u00a0<\/span><\/p>\n

Technical Pattern Signals $200,000 Rally Ahead<\/h2>\n

Popular crypto analyst, Mags has<\/span> unveiled<\/span><\/a> a new technical pattern in the Bitcoin price chart. According to his post on X (formerly Twitter), Bitcoin is currently forming \u201ca massive cup and handle pattern,\u201d indicating a<\/span> potential for a major rally<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Price Flashes Bullish Pennant On Daily Heikin Ashi Chart, What This Means<\/a><\/div>\n

Mags revealed that <\/span>the Bitcoin price<\/span><\/a> 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.\u00a0<\/span>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\u00a0potential buying opportunity<\/a> to go long.<\/span>\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Mags observed that since Bitcoin has just broken past the handle, the next level is to watch the \u201cneckline\u201d which serves as a resistance point. If Bitcoin can break through the neckline, it\u2019s price could surge dramatically or like the analyst says \u201cgo vertical.\u201d This bull rally could see Bitcoin\u2019s price driving towards $200,000, marking a<\/span> new all time high<\/span><\/a> for the cryptocurrency.<\/span><\/p>\n

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 previous X posts, suggesting that a $200,000 price level may be conservative for the world\u2019s first and largest cryptocurrency.\u00a0<\/span><\/p>\n

Bitcoin Price Peak Set At $300,000<\/h2>\n

In another X post on October 24, Mags<\/span> disclosed<\/span><\/a> that Bitcoin is about to enter its price discovery, suggesting an imminent breakout to new levels.<\/span> Price discovery<\/span><\/a> is the process by which an asset\u2019s true market value is determined, and for Bitcoin, it suggests when its price could reach fresh highs.\u00a0\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible?<\/a><\/div>\n

Sharing a historical Bitcoin price chart, the analyst pinpointed instances where the cryptocurrency entered a price discovery before reaching a peak. In 2014,<\/span> BTC hit a peak<\/span><\/a>, then bottomed out in 2015 before reaching another price high in 2018. A similar price action occurred between 2019 and 2024, with BTC achieving a bottom in 2019 and peaking in 2021.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Following this historical price trend, Mags indicated that<\/span> Bitcoin hit its bottom<\/span><\/a> in 2023 and is now about to enter its price discovery. Once the cryptocurrency does, it could signal a surge to a new all-time high, which Mags has set at an impressive $300,000.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price struggles to hold $67,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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.\u00a0 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 \u201ca massive cup and handle pattern,\u201d indicating a potential for a major rally.\u00a0 Related Reading: Dogecoin Price Flashes Bullish Pennant On Daily Heikin Ashi Chart, What This Means 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.\u00a0In 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\u00a0potential buying opportunity to go long.\u00a0 Mags observed that since Bitcoin has just broken past the handle, the next level is to watch the \u201cneckline\u201d which serves as a resistance point. If Bitcoin can break through the neckline, it\u2019s price could surge dramatically or like the analyst says \u201cgo vertical.\u201d This bull rally could see Bitcoin\u2019s 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 previous X posts, suggesting that a $200,000 price level may be conservative for the world\u2019s first and largest cryptocurrency.\u00a0 Bitcoin Price Peak Set At $300,000 In another X post on October 24, Mags disclosed that Bitcoin is about to enter its price discovery, suggesting an imminent breakout to new levels. Price discovery is the process by which an asset\u2019s true market value is determined, and for Bitcoin, it suggests when its price could reach fresh highs.\u00a0\u00a0 Related Reading: Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible? Sharing a historical Bitcoin price chart, the analyst pinpointed instances where the cryptocurrency entered a price discovery before reaching a peak. In 2014, BTC hit a peak, then bottomed out in 2015 before reaching another price high in 2018. A similar price action occurred between 2019 and 2024, with BTC achieving a bottom in 2019 and peaking in 2021.\u00a0 Following this historical price trend, Mags indicated that Bitcoin hit its bottom in 2023 and is now about to enter its price discovery. Once the cryptocurrency does, it could signal a surge to a new all-time high, which Mags has set at an impressive $300,000.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":612157,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-650002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Price To Go 'Vertical' Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price To Go ‘Vertical’ Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle Pattern","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-vertical-200000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-vertical-200000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Recover.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Recover.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-10-27T01:00:04Z","datePublished":"2024-10-27T01:00:04Z","dateModified":"2024-10-27T01:00:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price To Go ‘Vertical’ Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle Pattern\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-price-vertical-200000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-price-vertical-200000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin-Recover.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin-Recover.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-10-27T01:00:04Z\",\"datePublished\":\"2024-10-27T01:00:04Z\",\"dateModified\":\"2024-10-27T01:00:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Recover.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/650002"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=650002"}],"version-history":[{"count":1,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/650002\/revisions"}],"predecessor-version":[{"id":650012,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/650002\/revisions\/650012"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/612157"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=650002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=650002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=650002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}