Bitcoin Price May Surge to $200,000 Due to Cup and Handle Pattern
The Bitcoin price may rise significantly to $200,000 due to a new Cup and Handle pattern. Currently, Bitcoin is recovering from bearish trends and has reached approximately $70,000. A rally to $200,000 would establish a new All-Time-High (ATH) for BTC.
Technical Pattern Signals $200,000 Rally Ahead
Crypto analyst Mags has identified a "massive cup and handle pattern" in the Bitcoin price chart, suggesting a potential major rally. The Bitcoin price has recently surpassed the handle part of this pattern, indicating a bullish breakout may be imminent. The Cup and Handle pattern features a U-shaped cup considered bullish, while the downward drift of the handle suggests a buying opportunity.
Mags noted that Bitcoin must break through the “neckline,” a resistance point, for a substantial price increase. If successful, Bitcoin could surge towards $200,000, representing a new all-time high. Currently, Bitcoin trades at $66,972, showing a 2.02% decrease over the past week according to CoinMarketCap. Mags has previously suggested even higher targets, implying that $200,000 might be conservative.
Bitcoin Price Peak Set At $300,000
In another post on October 24, Mags indicated that Bitcoin is approaching price discovery, which is when an asset's true market value is established. This could lead to new price levels during price discovery.
Mags shared historical charts demonstrating that Bitcoin has previously entered price discovery before reaching peaks. In 2014, Bitcoin peaked, then bottomed out in 2015 before hitting another high in 2018. A similar pattern occurred between 2019 and 2024, with Bitcoin bottoming in 2019 and peaking in 2021.
Following these trends, Mags posits that Bitcoin hit its bottom in 2023 and is poised for price discovery. This could potentially lead to a surge toward a new all-time high projected at $300,000.
