Bitcoin's Cup-And-Handle Breakout Could Send Price to $220K

Renowned analyst Vivek Sen has identified a multi-year chart pattern in Bitcoin that he believes could send its price surging to $220,000. The pattern, known as a cup-and-handle, is considered bullish and has been seen in Bitcoin's past price movements.

The cup-and-handle breakout often signals strong upside, with a measured target equal to the cup's depth added to the breakout point. Sen noted that previous patterns of this type have led to big breakouts, with moves hundreds of percent higher than the initial move.

Bitcoin has formed this pattern previously, including during the 2020-2021 cycle and in early 2024. However, some analysts have targeted October as the bottom and cycle inflection point for Bitcoin's price.