PK Press Club – All eyes are currently on the price of to see if it will validate a classic pattern shown on its chart and, in doing so, reach new record highs.
Ali, a crypto analyst, identified the legendary cup and handle pattern on the Bitcoin price chart. This technical formation, often considered a bullish indicator, suggests that Bitcoin could be on the verge of a significant price surge.
According to Ali, Bitcoin’s exit from this trend signals a potential upside target of $276,400. The cup-and-handle pattern consists of a “cup” shape, in which the price gradually declines then rises to form a rounded bottom, followed by a “handle”, in which the price consolidates briefly before reach new heights.
The cup-and-handle pattern has appeared in Bitcoin’s price history during previous bull runs, often preceding significant increases. If validated, this current setup sparks optimism about Bitcoin’s price trajectory.
Similarly, in a recent article from likely to determine these prospects. According to CryptoQuant, Bitcoin’s multiplier effect could cause the market value to increase by $2 to $6 for every $1 inflow.
Bitcoin Price Action
At the time of writing, BTC was up 1.13% over the past 24 hours to $103,358. Bitcoin hit a high of $105,970 during Friday’s session, extending its rebound from the January 13 low of $95,900.
After a sell-off earlier this week, cryptocurrencies rebounded as riskier assets largely rose in response to reassuring US inflation data, which reignited expectations of a future interest rate cut of the Federal Reserve.
Over the past 24 hours, gains across various crypto assets have been reversed, with the majority trading into losses. Over the past 24 hours, $477 million in cryptocurrency positions were liquidated, according to CoinGlass data.
So far this year, Bitcoin has traded closely with stocks. The country has been in consolidation mode since late December, when Federal Reserve Chairman Jerome Powell issued an inflation warning, which was then lifted this week after two subdued inflation numbers in December. Bitcoin ETFs have received over $1 billion in inflows over the past two days.
