BTC Price Prediction: Bitcoin Surges Past $220K as Cup-and-Handle Pattern Confirmed
Renowned analyst Vivek Sen believes that Bitcoin has completed a multi-year cup-and-handle pattern, paving the way for a significant price surge. The pattern, which resembles a teacup on a chart, is considered a bullish continuation signal in technical analysis.
The handle's resistance was broken, and there was a perfect retest of the breakout point. Sen notes that cup-and-handle breakouts often lead to large price increases, not just 20% gains as some might expect.
This pattern is not new to Bitcoin; it has formed previously, leading to major rallies in the past. For example, during the 2020-2021 cycle, a similar cup-and-handle pattern preceded the run-up to $69,000 in November 2021.
Sen's bold price prediction is that Bitcoin could reach $220K due to this confirmed chart pattern. However, there may be some caution as a divergence forms between Bitcoin risk and the VIX (CBOE Volatility Index), which measures market expectations of volatility.