Bitcoin (BTC), has been trading in a consolidation range of $25,000 to $35,000 since the second quarter of 2023, and although it has been moving in a slight downward trend within this range, the cryptocurrency king’s price chart indicates that it may be time for a “coffee break” in a higher time frame.
Experienced stock and cryptocurrency analyst, known as Jelle, stated in his analysis from his personal X account that a Cup and Handle formation appears to be forming on Bitcoin’s high-timeframe price chart.
While some technical analysts disregard the Cup and Handle formation as invalid, Jelle believes that due to its massive size below $30,000, the formation cannot be ignored and suggests a bullish prediction for Bitcoin’s future long-term price movement.
At this point, the “Cup” part of the formation was formed at the bottom point of $15,500 in 2022 when the bear market intensified, and thanks to two local peak points around $30,000. The “Handle” part extends from the last local peak to the current consolidation zone.
For the Cup and Handle formation pointed out by Jelle to work and initiate a rise, the price should not close below the range of $24,500 to $24,600 on the weekly timeframe, and the Handle part around $30,000 should close above the resistance threshold. If these conditions are met, Bitcoin’s price could be expected to surpass $50,000 due to the formation’s effect.
Bitcoin is currently trading at $26,635 with a 0.75% decrease in the last 24 hours. The largest cryptocurrency had dropped below $27,000 on September 21 and retreated to $26,400.
Based on the latest data, BTC’s price has seen a 0.15% increase in the past 7 days and a 2.31% increase in the past 30 days, despite the drop on September 21. Furthermore, the crypto king is priced at 61.28% below its all-time high (ATH) of $68,789 recorded on November 10, 2021.