Gert van Lagen, a well-known cryptocurrency analyst, has found a significant bullish pattern in Bitcoin’s price chart that could push the value of the cryptocurrency up to $300,000. Van Lagen says that the 3-day BTC/USD chart shows a “Cup with Handle” formation. Traders trust this formation to be accurate in predicting future prices.
The “Cup with Handle” is a positive continuation pattern that looks like a teacup. It is made up of a price drop, a rounded bottom, and a smaller drop before a breakout up.
Bitcoin Forms Bullish Cup Pattern
For Bitcoin, the “cup” began to form in November 2021, when prices hit an all-time high of $69,000, and ended in March 2024, when they reached their old all-time high again. The “handle” that followed formed over the last few months, with a narrower price range and less fluctuation, indicating the last stage of consolidation before a possible breakout.
The breaking point of the pattern, which is when the price goes above the previous resistance level at the cup’s edge, is very important because it confirms the pattern and sets the stage for future gains. By measuring the depth of the cup and extrapolating this distance upwards from the breakout point, you can figure out the goal price. For Bitcoin, this is shown by the cup’s lowest point at $15,500, which is compared to the initial high point of $69,000.
Van Lagen wrote on the social media site X, “BTC [3D] – Cup with Handle targeting $300k.” It’s been about four weeks since price broke out of the handle/bull flag and passed all tests.
But the research is being looked at closely. Nunya Bizniz, a crypto analyst, said that forecasts are very different depending on the scale used. A linear projection shows a goal of about $121,947, while a logarithmic forecast shows a possible rise to around $309,295.
Jonathan Hobbs, CFA, added a word of warning by saying that high-end projections often get a lot of attention and can have a significant impact on how people feel about the market. “It looks like we’re at the point in the bull market where talking about the highest Bitcoin targets gets the most attention,” he said.
Bitcoin was worth $67,513 at the time of the story.
