Analyst Sees Bitcoin Move To $69,000 As Cup And Handle Pattern Appears
December 13 2023 - 3:00PM
NEWSBTC
Bitcoin saw a rather rapid correction at the start of the week
which brought it back to the $40,000 level. This correction
understandably shook up some investors in the market, who rushed to
panic sell in order to avoid more losses. Once the selling began to
die down, the price of the cryptocurrency has been on a slow but
steady recovery. Amid this, one crypto analyst has predicted that
there could be further upside to come for Bitcoin. Bitcoin Price
Could Retest $69,000 Currently, $69,000 is the holy grail when it
comes to price targets for Bitcoin because this remains the asset’s
all-time high price. While the price is only at $40,000, it is
important to note that it will only take another 70% move from here
for the price to reach a new all-time high. Related Reading:
Bitcoin Price Gain Slows Down: Glassnode’s Fair Value Models Puts
The Crypto At $36,000 On the topic of reclaiming this all-time high
price, crypto analyst Weslad took to TradingView to share their
most recent analysis of Bitcoin. According to Weslad, the Bitcoin
price could be gearing up for a retest that could take it back to
$69,000. This retest is confirmed by the appearance of a cup and
handle pattern that suggests a further upside for the price. As the
crypto analyst points out, Bitcoin completed a neckline breakout of
a cup and handle pattern when it surged above $31,800 and continued
to rise. This completed the cup and handle pattern, and is “now
serving as immediate support and demand,” Weslad explained. The
completion of this pattern is also a major factor for an upcoming
rally. This is because the pattern is yet to complete the breakout
and has not reached its final target yet. As the chart shared by
the analyst shows, the current correction is expected and the final
target for this pattern sits somewhere around $69,000. BTC price
sitting at $41,200 | Source: BTCUSD on Tradingview.com BTC Price
Could Go One Of Two Directions While the possibility of a Bitcoin
breakout does remain high due to the completion of the cup and
handle pattern, there is still more than one scenario that could
play out from here. Naturally, the two possible scenarios here are
either bullish or bearish. Related Reading: Shiba Inu Rally To
$0.0001? Shibarium Transaction Count Breaches 90 Million Milestone
Weslad presents two scenarios with the first one being an upward
rally. The analyst explains that this rally, marked Scenario A,
could come as a result of the sustained support at the Handle’s
target zone. In this case, there is resistance for the BTC price
between $48,000 and $50,000. Moving on to the next scenario,
Scenario B is the bulls failing to surmount the expected resistance
at $48,000 and $50,000. In such a case, the analyst suggests that
the Bitcoin price could correct further down, going as low as the
Neckline at $31,000, which currently acts as a critical support
zone. Featured image from Crypto News, chart from Tradingview.com
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