$300,000: "Cup and Handle" Pattern Predicts Bullish Bitcoin Trend ↑

A leading crypto analyst predicts substantial price increases for Bitcoin based on a "Cup and Handle" pattern.

Renowned crypto expert Gert van Lagen has identified a promising "Cup and Handle" pattern in the Bitcoin chart, suggesting that the BTC/USD price could rise to as much as $300,000.

Analysis and Interpretation of the Pattern

Gert van Lagen, known for his precise analyses in the crypto space, recently highlighted a significant development in the Bitcoin chart. According to his study, the 3-day chart for BTC/USD shows a bullish technical pattern appreciated by traders for its reliability and positive implications: the "Cup and Handle" pattern.

This chart pattern, which resembles a teacup, begins with a price decline, followed by a rise that forms a rounded bottom, the "cup". This rise is then followed by a smaller decline, the "handle", before the price rises again. Van Lagen explained that the cup formation started back in November 2021, when Bitcoin reached a cycle high of $69,000. The cup formation ended in March 2024, when this high was reached again, signaling the end of a long consolidation phase.

$BTC [3D] - Cup with Handle targeting $300k.

Price has broken out of the handle / bull flag and retested it successfully for about four weeks already.

🧨☕️ pic.twitter.com/gMAAuczD2J

— Gert van Lagen (@GertvanLagen) June 12, 2024

The "Handle" and the Expected Price Explosion

Following the cup formation, the "handle" appears, characterized by a slight, short-term downward movement. This phase usually represents the last consolidation or the shaking out of less bullish investors before a significant breakout occurs. After completing the handle, prevailing bullish sentiment and buying pressure typically drive the price above the previous resistance level formed by the cup's rim.

Van Lagen emphasizes that after breaking through the handle and successfully retesting it, the breakout is now confirmed. The analyst calculates the price target following a breakout from the "Cup and Handle" pattern by projecting the depth of the cup from its lowest point at around $15,500 to the high of $69,000 vertically upward. This leads to the assumption that the Bitcoin price could rise to $300,000.

Gert van Lagen's optimism is based on the historical reliability of the "Cup and Handle" pattern and the resulting price movements. Whether this prediction comes true remains to be seen, but the crypto world is eagerly watching the coming months.