Cup and Handle Pattern Points to Possible $275K Bitcoin Price Target
Bitcoin's price took a hit after Microsoft shareholders rejected a proposal to allocate 1% of the company's assets to Bitcoin as an inflation hedge, sending prices down to $94,500. However, analysts remain optimistic about BTC's potential for further price appreciation.
Veteran crypto analyst Ali Martinez has highlighted a forming long cup and handle pattern on Bitcoin’s weekly chart, which could propel Bitcoin to around $275,000. Martinez advises traders to remain cautious and avoid excessive leverage.
On the other hand, 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.
Bitcoin rebounded swiftly from its recent dip and was trading near $100,000 at the time of writing. The leading cryptocurrency has maintained an upward trend, buoyed by US inflation data that met market expectations.