Bitcoin has shown signs of a potential “explosive movement” into the $100,000-$150,000 range by the first quarter of 2025, according to investor and Okse co-founder known as Elja.
$BTC massive cup and handle pattern ?
You’re not bullish enough ?#Bitcoin pic.twitter.com/cyPcbMcpdr
— Elja (@Eljaboom) September 14, 2024
The analyst identified a “cup and handle” pattern—characterized by a rounded bottom (the cup) followed by a consolidation phase (the handle). This formation suggests a period of sideways movement in a narrow range, often preceding a significant bullish breakout.
The cup began forming after the peak at the end of 2021, with the handle appearing after a price pullback from resistance at $65,000-$69,000. The model is confirmed after breaking through the latter, implying a subsequent rise equal to the maximum distance between the neckline and the lowest point of the cup.
An analyst known as Nestay highlighted the most “explosive” combination of technical indicators in cryptocurrencies over the past eight years, including Bollinger Bands, RSI, Stochastic RSI, and the Crypto Fear & Greed Index.
8 years in crypto but i don’t think i’ve ever seen a setup this explosive.#Bitcoin is a ticking time bomb. pic.twitter.com/XnJWhf1cjf
— nestay (@nestayxbt) September 14, 2024
“Bitcoin is a ticking time bomb,” the expert commented.
Earlier, ARK Invest identified $52,000 and $46,000 as the most critical support levels for the leading cryptocurrency.
Standard Chartered concluded that Bitcoin could set a new record by the end of the year, regardless of the outcome of the US presidential elections.
Bitwise stated that in October-November, the digital asset market will shift to growth due to the end of macroeconomic and political uncertainty in the US.