Crypto Analyst Says Bitcoin Is Headed For $260,000 But This Must Happen First
July 25 2024 - 9:00PM
NEWSBTC
A crypto analyst has predicted that Bitcoin (BTC), the world’s
largest cryptocurrency, is on track to reach an unprecedented
$263,000. However, he also emphasized that this bullish surge to
new all-time highs is contingent on Bitcoin meeting specific market
conditions. Bitcoin Set For Massive Rally To $263,000 In an X
(formerly Twitter) post on July 23, a crypto analyst identified as
‘Trader Tardigrade’ revealed that Bitcoin’s current price chart was
forming a key technical pattern known as the “Cup with Handle chart
pattern.” Notably, the Cup with Handle pattern is a unique
technical indicator where the price movement of a cryptocurrency
typically resembles a cup, followed by a downward price trend which
emulates a handle. This handle often signifies a buying opportunity
to go long on the asset. Related Reading: Polygon Network
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Down? Sharing a price chart illustrating Bitcoin’s Cup with Handle
pattern, Trader Tardigrade noted that Bitcoin could witness a
substantial rally to a measured target of $263,000 before the end
of 2024. The analyst disclosed that for this bullish surge to
happen, Bitcoin’s price will have to break above the $68,000 level,
which represents the handle part of the Cup with Handle chart
pattern. In a more recent X post, the crypto analyst
revealed that Bitcoin’s price has reached the upper resistance of
the descending channel pattern. This pattern signifies when the
price of a cryptocurrency is moving within two parallel trend lines
and sloping downwards. Typically, the upper trend line in this
pattern acts like a resistance and the lower line acts as a
support. The analyst further noted that Bitcoin’s price has
successfully reached the upper resistance of the descending
channel. However, he disclosed that the resistance was weaker than
the lower support, making it easier for the cryptocurrency to
potentially breakthrough. Trader Tardigrade also predicts
that Bitcoin could undergo a brief period of consolidation before
witnessing its next breakout move. The analyst declared that the
market was currently in the middle of a bull run, with Bitcoin set
to surge even higher until late 2025. Key Support Level
Identified For Bitcoin’s Next ATH Bitcoin’s price is currently
trading at $64,239, marking a slight decrease of 3.11% in the last
24 hours, according to CoinMarketCap. Despite the cryptocurrency’s
struggles to reach new highs, Ali Martinez, a prominent crypto
analyst, remains bullish on its future outlook. Related
Reading: Machine Learning Algorithm Predicts Shiba Inu Price Will
Rise 119% In 5 Days Sharing a price chart depicting Bitcoin’s UTXO
realized price distribution (URPD), Martinez predicted that BTC is
poised to surge to new all time highs soon. The analyst also
disclosed that the $66,000 price mark was a crucial support level
for Bitcoin. He added that if Bitcoin succeeds in holding a price
level at $66,000, it would set a strong foundation for a potential
rally to new levels. Featured image created with Dall.E,
chart from Tradingview.com
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