Bitcoin Price Set For Reversal To $130,000 After Forming Major Cup And Handle Support
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Bitcoin’s price action is trapped A tight range In recent days, $84,000 and $82,000, the Bulls struggled to push up. The general market sentiment is The nature of cautionand hopes of fast returns of over $90,000 begin to disappear. However, a new technical analysis suggests that Bitcoin may be on the verge of a major rally, as price action suggests that cryptocurrencies are Currently compliant Cup and handle pattern.
Cup and handle support may lead to major Bitcoin rally
Recent bitcoin price movements have caught the eye, a key technical structure supported by the handle pattern of the cup handle, suggesting that bullish settings may form quietly. This interesting bitcoin price activity is passed on In technical analysis By crypto analysts on the TradingView platform.
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Problematic cup and handle pattern Always forming Over the years, the circular base phase has extended from 2021 to mid-2024. This extended accumulation period allows Bitcoin to gradually recover from a bearish market cycle before it can surpass its neckline resistance. The breakthrough began the handle formation in the second half of 2024, a merger phase that laid the foundation for BTC’s next leg. By November 2024, Bitcoin completed this handle phase and had an impressive rally, which ultimately led to a new all-time high of $108,786 in January 2025.
However, the 24% correction rate has been recently Bitcoin price Return to neck resistance Cup-shaped layer. The logical next step is to make this neckline resistance work as a support for price corrections, and we can see Bitcoin rebound from here. In terms of price forecasts, Elliott wave analysis and forecasts bring the target stock price above $130,000, especially $139,000.
Elliott Wave analysis shows $130,000 surge
According to the Elliot Waves technical framework, Bitcoin is currently in progress The larger fifth pulse wave formation. However, this fifth wave is usually optimistic, and it is interrupted by the corrected ABC wavelet, causing Bitcoin to retest the support of the cup-formed formation. Now supported, Bitcoin can rebound and continue to form Its fifth surfing wave. This is expected to bring its price target to more than $130,000.
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In the coming months, the consistency of the cup combination with Elliott Wave Projections enhanced the situation of major breakthroughs. However, Bitcoin’s fundamentals reflect uncertainty in the short term. Currently, the bullish momentum required to pay the $90,000 mark will be the first step to reaching $130,000. Stable institutional outflow Sales pressure from spot Bitcoin ETFs has further increased, limiting Bitcoin’s ability to recover its strength in the short term.
At the time of writing, Bitcoin trades for $83,500.
Featured images from Unsplash, charts from TradingView.com
