If Bitcoin Price Repeats Gold’s Bullish Pattern, BTC Could Hit $230K
Highlights
- The formation of the cup and handle pattern set the Bitcoin price for a massive rally similar to Gold and the S&P 500.
- BTC's daily chart shows a seven-month sideways trend with key resistance at $70,000.
- Crypto analyst highlights $65,000 to $66,000 as key intraday support for BTC price.
In the last two weeks, the Bitcoin price rallied from $60,321 to $66,657, registering a 10.4% growth. This upswing restores the Uptober sentiment in the crypto market and signals the BTC buyer’s attempt to end the 7-month consolidation. Amid renewed buying momentum, a crypto analyst predicted a BTC surge to $230k as its price action mimics Gold’s bullish pattern.
Bitcoin Price Shatters 7-Month Consolidation with Whale Influx
In a recent tweet, crypto analyst Gertvan Lagen revealed that Bitcoin’s price formed a cup and handle pattern similar to the S&P 500 index and Gold’s development before hitting their new high. The three charts showed a similar saucer-shaped recovery and a temporary pullback before triggering a massive rally.
Theoretically, the chart setup shows a clear transition from a downtrend to a sideways/accumulation trend followed by a recovery rally. Before entering a full-fledged recovery, the chart pattern offers a short correction for buyers to recuperate the bullish momentum.
In technical analysis, the target for a breakout is often determined by measuring the depth of the cup in the CNH pattern and applying that value to the expected breakout point. If the pattern holds true, Lagen shows a potential BTC price rally to a $230K high.
Cup & Handle cascade: $BTC poised to follow the structural path of SP500 & Gold, eyeing $230k.
Once all three hit their targets in the coming months, the HTF depression/recession takes hold. 🌀 #Bitcoin #Gold #SP500 #Crypto pic.twitter.com/oylBD7p1i6
— Gert van Lagen (@GertvanLagen) October 21, 2024
The aforementioned target closely aligns with the long-term prediction of several crypto experts, who believe BTC’s six-digit price is plausible.
Experts Forecast Six-digit BTC in 2025
According to crypto aggregator Coingecko, numerous analysts and industry experts forecast significant price increases for the leading cryptocurrency in the coming years.
- Through ARK Invest, Cathie Wood is one of the most bullish on Bitcoin. She forecasts a potential BTC price between $600,000 and $1,500,000 by 2030.
- Markus Thielen from Matrixport shows a conservative target of $125,000 by the end of 2024, while BitQuant trading and research firm shows a wide range for Bitcoin price prediction of $80,000 – $250,000.
- Gautam Chhugani from Bernstein shared a Bitcoin price forecast to target $150,000 in 2025, while Matiu Rudolph from Layer One X shows a potential target of $340,000.
- Mike McGlone of Bloomberg Intelligence forecasts Bitcoin to reach $100,000 by 2026.
BTC Price Forecast: Will $65K Support Hold or Break?
In a recent tweet, crypto analyst TraderXO highlights that the Bitcoin price is currently positioned near a key support level, with significant bids between the $65,000 and $66,000 range.
Following a recent reversal of $70,000, the BTC price is poised to retest the above-mentioned support to seek sustainability. If the sellers break this foothold, the coin price could plunge 7.5% to retest the monthly support at $62,500.
On the contrary note, a bullish breakout from the $70k region will accelerate the bullish momentum and drive the Bitcoin price target above $73,750 ATH.
Conclusion:
Bitcoin is at a crucial juncture as a potential breakout from the CNH pattern will drive a massive rally similar to Gold and the S&P 500 index.
Frequently Asked Questions (FAQs)
1. How high can Bitcoin's price go if it follows Gold's bullish pattern?
2. What are the key support and resistance levels for Bitcoin’s price?
3. What are some long-term Bitcoin price forecasts from experts?
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