Bitcoin’s Cup And Handle Pattern Signals Explosive Move To $186,000 — Analyst
Popular market analyst Egrag Crypto lowered Bitcoin price forecasts due to the recent formation of a highly bullish chart pattern. Girls’ cryptocurrency is currently trading over $84,000 after a minor recovery late last week. However, the current continuity of bulls remains uncertain unless the upward trend continues.
Bitcoin’s bullish chart pattern hints at major price surges
exist X Posts On March 14, Egrag Crypto pointed out that the BTC market may be preparing for a major price breakthrough. According to technical analysis shared by trading experts, Bitcoin forms a cup and the handle pattern hints at a major bullish move. For context, the cup and handle patterns represent the textbook bullish form, when the asset goes through a round bottom, i.e. the cup, and then a slight callback, i.e. the handle is slightly downed before breaking to a new high. This is well illustrated in the weekly chart below after BTC’s price action over the past two years.
According to Egrag Crypto, the premier cryptocurrency is on the verge of breakthrough, with multiple potential targets. The conservative price peak for non-attribute targets is $113,000. Meanwhile, the logarithmic scale of the calculated historical index points to the target target of $260,000. Egrag Crypto took both approaches on average, choosing an individual target of $186,000. Analysts also took advantage of the potential price peak of $175,000, as shown in Fibonacci expansion level 1.618, which has historically been a reliable cycle top indicator. But while this analysis proposes a strong bullish forecast, Bitcoin must first experience a pullback of around $65,000 to initiate this price increase.
Bitcoin network fees drop by 24%
In other news, intothe neighborhood Report The Bitcoin network fee was reduced by 24.4% to $2.5 million, last reported in September 2024. Analytics noted that despite significant changes in the market, the decline remains Bitcoin slips to $77,000 Before rising, to recover the price level of $85,000. In a larger struggle for Bitcoin, Intotheblock also reported that inflows in exchanges increased by $840 million as investors tend to sell their assets, indicating weaker market confidence. At press time, the cryptocurrency market leader was worth $84,545, reflecting 3.12% of the past day. However, in the past seven and 30 days, the reported losses were 1.76% and 13.11%, indicating bearish losses in recent weeks.
