After a rather slow start to 2025, Bitcoin prices began to impress in the second quarter. The best cryptocurrency regained the $100,000 mark earlier this week and appears to be playing this weekend at $108,786 at the highest price ever.
The price of BTC looks like a flip of the market switch. Investors feel that the world’s largest crypto market is back at the end of 2024.
Does BTC follow this cup and handle pattern?
In a May 9th post on X, Chartered Market Technician (CMT) Aksel Kibar shared an interesting update on recent Bitcoin price analysis. Market experts revealed a long-term breakout signal for BTC prices in a post on social media platforms in late November 2024.
Following Donald Trump’s election victory as US President, Bitcoin and the crypto market have witnessed a significant amount of bullish momentum. Kibar highlighted that BTC has surpassed substantial price levels in large (monthly) time frames as a result of post-election rally.
As shown in the chart above, Bitcoin prices surpass the November all-time high of $73,737. Based on historic patterns, Kibal emphasized on the chart that every time the flagship cryptocurrency exceeds a minor high in a cycle, it runs parabolic.
Interestingly, this November 2024 breakout formed a cup and handle pattern. This is a technical analysis pattern similar to a cup shaped like a letter “u” with a slight downward drift on the handle. The cups and handles are considered bullish patterns, indicating a continuing upward trend.
In this particular iteration of this pattern, the BTC price continued to meet after breaking $73.737 until it reached a six-figure valuation. However, Bitcoin prices have witnessed a serious fix to around $74,000 after reaching current highs in January.
However, it appears that Bitcoin only witnessed minor pullbacks to “minor high” before resuming its major upward trend. In this scenario, Kibar has made the target of the market leader cup and handle to around $137,000. This represents a gathering of over 33% from the current price.
Bitcoin price at a glance
At the time of writing, BTC price is around $103,071, an increase of nearly 1% over the past 24 hours. According to Coingecko data, market leaders are up over 6% in their weekly time frame.
ISTOCK featured images, TradingView chart
