Bitcoin (BTC) continues to consolidate in a nearly six-month price range that gets tighter and makes a breakout imminent. Zooming out, this range acts as the “handle” of a three-year “cup,” according to a cryptocurrency trader and technical analyst.
MetaShackle – known for trading and providing technical analyses for cryptocurrencies – published a new BTC idea on TradingView on August 27. As the analyst described, Bitcoin currently has “the biggest cup & handle in crypto history,” saying it will “shock the world.”
“BTC is forming an absolutely massive Cup & Handle on the Daily/Weekly chart. There has never been a formation like this in the history of crypto, and it’s sure to be an incredible run to levels that will shock the world.”
– MetaShackle
What is the Cup and Handle pattern?
The ‘Cup and Handle’ pattern is a bullish chart formation in Bitcoin trading that resembles a cup with a handle. It typically consists of a rounded bottom (the cup) followed by a slight downward drift (the handle), indicating a potential upward breakout.
Traders use this pattern to identify possible entry points and price targets by measuring the depth of the cup and projecting that distance upward from the breakout point of the handle.
Bitcoin (BTC) price analysis and prediction that will ‘shock the world’
Notably, the described “biggest cup and handle in crypto history” starts with November 2021’s Bitcoin top of $69,000. Then, the bear market happened and consolidated in the following two years, drawing the cup formation, bottoming at $15,500.
BTC validated “the cup” with March 2024’s new all-time high of $73,800, completing the formation and starting “the handle.” This next step has been going on for six months, consolidating with a slight downtrend that can break out soon.
In this context, MetaShackle used the bottom-to-top performance to project Bitcoin’s price if this chart pattern plays out as expected. BTC could reach $130,870 per coin in the trader’s price prediction, making 761% from the bottom.
As of this writing, Bitcoin trades at $62,870, up 48.95% year-to-date and nearly 3% in the last six months – drawing “the handle” formation. A bull run to this analyst’s forecast would reward investors with 108% gains from these prices.
Nevertheless, cup and handle price predictions are not guaranteed, and many factors could interfere with Bitcoin’s charts. Despite the cryptocurrency market‘s natural uncertainties, investors have an opportunity to position themselves before “the handle” breakout in a historical move that will “shock the world,” according to the trading expert.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.