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Bitcoin's Path To $300,000 Cleared By Bullish Pattern: Analyst
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Bitcoin Price’s Path To $300,000 Cleared By Massive Bullish Pattern, Says Analyst

Jake Simmons
Jake Simmons
11 months ago
3 mins read
Bitcoin price prediction

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According to an analysis shared by renowned crypto analyst Gert van Lagen, the Bitcoin price chart has illustrated a significant technical pattern in the 3-day chart (BTC/USD) that could potentially signal an upsurge to as high as $300,000. Known as the “Cup with Handle,” this pattern is celebrated among traders for its predictive reliability and bullish implications.

Unpacking The Massive Bitcoin Cup And Handle Pattern

The Cup with Handle is a bullish continuation pattern that resembles a teacup on a chart. This pattern is formed when the price initially drops and then rises to form a rounded bottom—the “cup”—followed by a smaller downward move—the “handle”—before resuming its upward trajectory.

Bitcoin price
BTC price has formed a cup and handle pattern, 3-day chart | Source: X

The Cup: This segment of the pattern represents a period of consolidation and recovery. It typically starts with a high price point, gradually descends to a rounded, U-shaped trough, and ascends back to the initial high. In the case of Bitcoin, the cup formation began in November 2021 when the price reached its cycle high at $69,000 and ended in March 2024 after reclaiming the old all-time high, indicating the end of a long-term consolidation phase.

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11 months ago

The Handle: Following the cup, a slight downward drift forms the handle, which is smaller in depth and duration compared to the cup. It usually represents a final consolidation or a shakeout of less bullish investors before a significant breakout. Bitcoin’s handle formed over the last several months, showing a tighter price range and lower volatility.

Upon the completion of the handle, the prevailing bullish sentiment and buying pressure often drive the price above the previous resistance level—formed by the rim of the cup. This breakout is critical as it confirms the pattern and sets the stage for future price gains.

The target price following a Cup with Handle breakout can be projected by measuring the depth of the cup and extrapolating this distance upwards from the point of breakout. For Bitcoin, the lowest point of the cup at roughly $15,500 relative to the initial high at $69,000 provides a vertical measure.

Related Reading: Bitcoin Is ‘Still Significantly Undervalued,’ Says Finance Guru Bill Miller IV

Via X, Gert van Lagen stated: “BTC [3D] – Cup with Handle targeting $300k. Price has broken out of the handle / bull flag and retested it successfully for about four weeks already.”

Perspectives From Other Analysts

Crypto analyst Nunya Bizniz has critiqued the analysis by pointing out the differences in outcomes based on whether measurements are taken on a logarithmic or a linear scale. According to Bizniz, a linear projection suggests a target near $121,947, while a logarithmic projection might see the price ascend to approximately $309,295.

Measured move targets on a log chart? pic.twitter.com/xiIfBGK8tR

— Nunya Bizniz (@Pladizow) June 13, 2024

Jonathan Hobbs, CFA, added a cautious note to the discussion, suggesting that projections at the upper end of these scales tend to attract significant attention and can influence market sentiment disproportionately. “Looks like we’re at the stage of the bull market where posting about the highest possible Bitcoin targets drives the most engagement,” he stated.

At press time, BTC traded at $67,513.

Bitcoin price
Bitcoin holds above $67,000, 1-day chart | Source: BTCUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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