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U.Today – All eyes are currently on price to see if it confirms a pattern shown on the chart and hits new record highs in the process.
Ali, a crypto analyst, has identified the iconic cup-handle pattern on the Bitcoin price chart. This technical formation, often viewed as a bullish indicator, suggests that Bitcoin could be on the verge of a significant price increase.
According to Ali, Bitcoin’s breakout from this pattern signals a potential upside target of $276,400. The cup and handle pattern consists of a “cup” shape in which the price gradually falls and then rises to form a rounded bottom, followed by a “handle” in which the price briefly consolidates before it breaks out to new highs.
The cup-and-handle pattern has appeared in Bitcoin’s price action during previous bull runs, often before significant increases. If this current situation is confirmed, it will inspire optimism about Bitcoin’s price movement.
Similarly, in a recent X post, CryptoQuant predicts that the price of Bitcoin could rise to over $200,000 in 2025. Potential inflows of $520 billion, crypto-friendly policies, and a bullish four-year cycle are cited as factors that could influence this forecast. According to CryptoQuant, Bitcoin’s multiplier effect could result in a $2 to $6 increase in market value for every $1 inflow.
Bitcoin price development
At the time of writing, BTC is up 1.13% in the last 24 hours to $103,358. Bitcoin hit highs of $105,970 in Friday’s session, extending a recovery from lows of $95,900 on January 13.
After a major sell-off earlier in the week, cryptocurrencies rebounded as riskier assets surged in response to reassuring U.S. inflation data that reignited expectations of a future interest rate cut by the Federal Reserve.
In the last 24 hours, various crypto assets have seen their gains reversed, with the majority accompanied by losses. According to CoinGlass data, $477 million worth of cryptocurrency positions were liquidated in the last 24 hours.
So far this year, Bitcoin has traded fairly closely with stocks. It has been in consolidation mode since late December, when Federal Reserve Chairman Jerome Powell issued an inflation warning that was lifted later this week after two benign inflation readings in December. Bitcoin ETFs have received more than $1 billion in inflows in the past two days.
