Bitcoin Breakout Points to $120,000 Target

The Bitcoin price has broken out of a cup-and-handle pattern that formed since May, indicating bullish momentum. According to CryptoRank, this breakout points to a potential target near $120,000.

The measured move from the pattern's depth projects a target near $120,000, based on a $34,054.80 decline. This means that if Bitcoin holds above $84,000, it could be on pace for its first Jul-Aug-Sep winning streak since 2012, which preceded a 2,000% rally.

The cup-and-handle pattern formed after the May high near $87,000 declined to the July low near $58,000 before recovering. The current price of around $86,607 is holding above $84,000, maintaining the critical support level and limiting downside risk.