Bitcoin Cup and Handle Pattern Suggests $275K Price Target
Bitcoin's price plummeted to $94,500 after Microsoft shareholders rejected a proposal to allocate 1% of the company's assets to Bitcoin as an inflation hedge. Despite this setback, analysts remain optimistic about BTC's potential for further price appreciation.
Data from Coinglass reveals that over $478 million worth of contracts were liquidated in the wake of significant drops in BTC and other cryptocurrencies. Interestingly, altcoins experienced higher liquidation volumes compared to Bitcoin.
Veteran crypto analyst Ali Martinez has highlighted a forming long cup and handle pattern on Bitcoin's weekly chart. This pattern, often seen as bullish, resembles a rounded 'cup' followed by a 'handle,' suggesting a potential uptrend continuation and possible price gains. Martinez indicated this pattern could propel Bitcoin to around $275,000.
However, prominent analyst @Trader_XO stressed that Bitcoin needs to maintain support at $90,000 to prevent further losses. Falling below this threshold could see BTC dip to $85,000. Conversely, maintaining above $90,000 could enable a price recovery and continuation of the uptrend.