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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Bitcoin

Analyst Says It’s Time To Buy Bitcoin Again After Cup And Handle Pattern, Reveals New ATH Target

Scott Matherson
by Scott Matherson
7 months ago
·
Posted in Altcoin News, Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

After experiencing bearish declines and volatility, Bitcoin (BTC) is finally looking bullish, with a crypto analyst forecasting a breakout to a new all-time high target. After identifying a Cup and Handle pattern on the Bitcoin chart, the analyst announced to investors and traders that now may be the time to buy BTC.

Bitcoin Price Targets New All-Time Highs

In a detailed Bitcoin price chart, CobraVanguard, a TradingView crypto analyst, highlights the formation of a textbook Cup and Handle pattern. This technical pattern is a well-known bullish continuation indicator, signaling that momentum may be building up and that Bitcoin may be on the verge of a strong price rally. 

Related Reading: Bitcoin Price Enters Ascending Phase After Cup And Handle Formation At $105,000, Here’s The Next Target

Interestingly, the chart also shows other key technical indicators. An Ascending Triangle pattern, characterized by a flat upper resistance line and a rising lower trendline, was found. This technical pattern is another bullish formation often preceding a rally, signaling increased buying pressure.  

Speaking of buying pressure, CobraVanguard highlights that the emergence of two bullish technical patterns on the Bitcoin chart may be an indication to buy and HODL. With the price below $100,000 and currently trading at $95,806, an impending price rally would mean that now may be the most optimal time to enter the market. 

Bitcoin
BTC forms bullish Cup and Handle pattern | Source: CobraVanguard on Tradingview

Based on these patterns, the TradingView analyst has set a new target for Bitcoin. He forecasts the pioneer cryptocurrency will reach $120,000 in the coming weeks. This would mark a new all-time high, surpassing previous market peaks obtained earlier this year. 

Notably, CobraVanguard has also identified an AB=CD harmonic pattern on the chart in addition to a Cup and Handle and Ascending Triangle pattern. This AB=CD indicator suggests symmetry in the Bitcoin price movements and signals a measured move to the upside once the pattern is complete.   

Although the TradingView analyst predicts that the asset could hit $120,000, he highlights that if its breakout from the aforementioned bullish patterns persists, a higher target of $124,619 could be reached. 

Whales Go On Massive BTC Buying Spree

The Bitcoin buying pressure persists, as whales are snapping up as much BTC as they can during its current downtrend. These deep-pocketed investors are known for making strategic buys, often entering the market during volatile and declining periods and then selling at market peaks. 

Related Reading: Bitcoin Price Crash To $91,000 Termed Major ‘Bear Trap’ As Optimism Returns To The Market

According to new reports from Coinvo on X (formerly Twitter), Bitcoin whales are currently buying “an insane” amount of BTC. Sharing a detailed chart depicting Bitcoin’s inflows to accumulation addresses, Coinvo highlights a sharp increase in inflows, suggesting that whales are actively buying BTC in large quantities. 

This behaviour is often seen before potential price rallies, as accumulation tends to drive demand higher. As a result, Coinvo has indicated that the increased whale activity may be a sign to start buying BTC.

Bitcoin
BTC trading at $96,136 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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