News
Here’s When Bitcoin Could Hit $110,000, According to a Technical Analyst
In the midst of the ongoing Bitcoin (Bitcoin) resurgence, the cryptocurrency could hit a record high in the coming months, with a valuation of at least $100,000 under watch.
In anticipation of this, a technical analysis shared by trading expert Crypto Titan in a X job July 16 suggests that Bitcoin’s chart is pointing towards a price target of $110,000.
THE model This is the “Cup & Handle”, a bullish continuation pattern that indicates a significant increase in price once completed.
The pattern is composed of two parts: the cup, a rounded bottom that forms after consolidation, and the handle, a shorter period of consolidation that follows the cup, creating a downward-sloping channel or lateral movement. The handle generally forms in a shorter duration than the cup.
In the analysis, the deep trough formed between late 2021 and mid-2023, marked by a prolonged period of consolidation and a gradual increase in prices. From mid-2023 to mid-2024, Bitcoin entered the “handle” phase, characterized by a brief consolidation before the breakout.
Bitcoin Price Analysis Chart. Source: TradingView
According to the expert, the height of the cup provides a projection of the potential target price. In this case, the depth of the cup suggests a significant upward move that, added to the breakout point, targets the $110,000 level for Bitcoin, potentially by the end of the year.
“Bitcoin Target $110,000! This Cup & Handle Pattern Could Catapult BTC to $110,000 by the End of 2024,” the expert said.
Bitcoin’s rise is about to begin
In another jobThe analyst maintained a bullish outlook for Bitcoin in the coming days.
Based on the Ichimoku indicator, the analyst suggested that Bitcoin could be on the verge of a new bullish period.
The expert highlighted a recurring pattern over the past decade: rapid “ramp-up” phases followed by consolidation “ceiling” phases, preceding significant price increases.
“The Bitcoin rally is about to begin. Once BTC breaks the cap, it will rise very quickly. Fasten your seatbelts,” the expert added.
Currently, Bitcoin is in a plateauing phase with a possible surge on the horizon. A significant price increase could be imminent if history repeats itself, signaling a new bullish period.
This consistent pattern provides a compelling argument for optimism around Bitcoin in the months ahead.
Currently, Bitcoin is aiming to establish its price above $65,000 resistancehaving failed to sustain its gains above that mark. The asset was valued at $64,758 at press time, reflecting price growth of over 11%.
Disclaimer: The content of this site should not be considered investment advice. Investing is a speculative activity. When you invest, your capital is at risk.