Bitcoin Bulls Eye 40% Rally as Golden Cross Formation Emerges

A potential 'Golden Cross' formation is brewing for Bitcoin, which could signal a significant price increase. A daily close above $82,000 would confirm this broader trend.

According to technical analysis, if the cup-and-handle breakout is successful, the conventional measured move suggests a target of $104,000-$106,500.

This represents roughly 40% upside from current prices near $76,700. However, an extended continuation could bring the $113,000 area into view, representing around 47% upside.

On the other hand, if Bitcoin breaks down from the broadening wedge, it may delay the bullish setup and expose the cryptocurrency to its 50-day and 200-day EMAs near $72,700-$72,900.