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Bitcoin

Bitcoin Cup-And-Handle Pattern Suggests Bull Target Remains At $300,000 – Details

Semilore Faleti
by Semilore Faleti
4 months ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Popular market analyst Gert Van Lagen has audaciously backed Bitcoin (BTC) to hit the $300,000 price mark amid the current bull run. Van Lagen’s prediction comes a few days after establishing a new all-time high at $111,970, signaling a strong bullish intent to maintain the current price uptrend 

Over the past week, the premier cryptocurrency registered a modest price gain of 5.35% as news of US President Donald Trump recommending a 50% tariff on imports from the European Union (EU) forced a slight price retracement.

Related Reading: Bitcoin Whale Activity Remains Neutral As It Enters Price Discovery – Bullish Signal?

Bitcoin Possible Exponential Growth Projects Rally To $300K

In an X post on May 24, Gert Van Lagen shares that BTC price action since the last cycle in 2021 has resulted in a cup-and-handle formation, suggesting the digital asset is on the edge of a major price breakout.

For context, the cup-and-handle represents a major bullish continuation pattern that indicates a potential upward breakout. In Bitcoin’s case, the cup forms between late 2021 and early 2024, as price action created a rounded bottom, reflecting a decline from a former all-time high around $69,000, followed by a period of stabilization and recovery, culminating in a return to that key level.

After attaining this prior high, price movement pulled back, forming a downward or sideways channel known as the handle, setting the stage for a price breakout. This is well reflected in Bitcoin’s price action from early 2024 to Q3 2024.

Bitcoin
Source: @GertvanLagen on X

Notably, Bitcoin has since achieved this breakout from the cup-and-handle formation by crossing the critical market resistance at $69,000. Based on linear calculations, Gert Van Lagen explains the flagship cryptocurrency is expected to hit a price target of $120,000-$130,000 — a projection now within Bitcoin’s reach, considering the current market momentum. 

However, Van Lagen also notes that the cup-and-handle pattern also points to an exponential price target of $300,000. Historically, BTC has previously achieved such logarithmic targets with gains of 100x from 2013-2017, and 21x from 2018-2021. 

Furthermore, the new weight of institutional capital, especially following the approval of spot Bitcoin ETFs in 2024 supports this bullish outlook. However, while this institutional participation signals long-term confidence, it also reflects BTC’s maturation. Now a $2 trillion asset, Bitcoin’s sheer size may make parabolic moves less frequent, even though crypto market volatility still leaves the potential for significant upside.

Related Reading: The Stars Align: Crypto Analyst Predicts 1,700% Rally For XRP In 2 Months

BTC Price Overview

At the time of writing, Bitcoin trades at $107,794 following a minor 0.64% gain in the past day. On the monthly chart, the premier cryptocurrency reports gains of 16.25% as the bull market persists.

Bitcoin
BTC trading at $107,741 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from iStock, chart from Tradingview
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Semilore Faleti

Semilore Faleti

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

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