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Bitcoin price action is trapped in a Tight range between These days, at $84,000 and $82,000, the Bulls have struggled to push upwards. The general market sentiment is one of Careful natureand hopes for quick returns of over $90,000 are beginning to fade. However, new technical analysis suggests that price action shows that there is cryptocurrency, which suggests that Bitcoin may be on the crisis of key rallying. It's currently compatible Cup and handle pattern.
Cup and handle support can cause major bitcoin rally
Recent Bitcoin price movements have focused attention on the key technical structure of handle support in cup-and-handle patterns, suggesting that bullish setups may be quietly shaped. This interesting Bitcoin price activity was relayed With technical analysis By Crypto analysts on the TradingView platform.
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Cup and handle pattern in question It is formed The round bottom stage has grown from 2021 to mid-2024 for multiple years. During this long-term accumulation period, Bitcoin gradually recovered from the bear market cycle before it surpassed neckline resistance. The breakout began its handle formation in late 2024. This is the integration phase that sets the next leg stage of BTC. By November 2024, Bitcoin had completed this handle phase, eventually reaching its all-time high of $108,786 in January 2025.
However, this recent 24% revision from the all-time high saw Bitcoin prices Return to neck resistance Cup and handle formation. The logical next step is that this neckline resistance serves as a support for price correction, and we were able to see Bitcoin rebound from here. Regarding price forecasts, Elliott's wave analysis and forecasts put the price target above $130,000, especially above $139,000.
Elliott Wave analysis suggests a surge to $130,000
According to Elliot Waves' technical framework, Bitcoin is currently The formation of a larger fifth impulse wave. However, this fifth wave, which is generally bullish, is separated by a corrective ABC sub-wave, allowing Bitcoin to retest support for cup and handle formation. With support fulfilled, Bitcoin is in a position to bounce back and continue its formation The fifth impulse wave. This is expected to bring it to a price target of over $130,000.
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Elliott's wave projection and alignment of cup and handle formations will strengthen the case of large breakouts in the coming months. However, the basics of Bitcoin reflect short-term uncertainty. Currently there is a lack of bullish momentum needed to rearrange the $90,000 mark. This is the first step you need to reach $130,000. Stable institutional outflow From the Spot, Bitcoin ETFs are further increasing sales pressure and limiting Bitcoin's ability to regain strength in the short term.
At the time of writing, Bitcoin is trading for $83,500.
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