Bitcoin shows signs of possible growth, forming the well-known 'cup and handle' model on the weekly chart. This model may indicate the beginning of a bullish trend.
Cup and Handle Model as a Bullish Signal
The 'cup and handle' pattern represents a classic bullish structure in technical analysis. It begins with a rounded bottom that forms the 'cup,' followed by a consolidation or downward-sloping phase known as the 'handle.' After the handle completes, a breakout above the resistance level typically precedes a strong price rally.
Target level of $320,000
Using the pole measurement technique, which projects the potential move by measuring the depth of the cup and extending it from the breakout point, the target level is set at an ambitious $320,000. This aligns with historical outcomes from previous cup and handle setups that have often delivered outsized returns after confirmation.
What’s next for Bitcoin?
For this breakout to remain valid, Bitcoin must maintain weekly closes above the neckline of the handle. Sustained trading above this threshold could confirm the pole projection and attract further institutional and retail capital.
As investors and traders closely monitor the development of this pattern, Bitcoin's performance may define the next major leg of the bullish cryptocurrency market.
