thecryptobasic.com
Analysts are eyeing a $100K+ target for Bitcoin, with a bullish Cup-and-Handle pattern suggesting a potential move to $255K.
Bitcoin’s price surged to a new all-time high on Wednesday, climbing past $90,000 amid renewed optimism in the market. This jump followed a week-long bullish run following the outcome of the U.S. presidential election.
Specifically, Bitcoin set a fresh record of $93,480 before easing slightly to $89,413 as of press time. Over the past 24 hours, Bitcoin’s price saw a 2.77% gain, while the past seven days marked a substantial 20.03% increase.
In the wake of Bitcoin’s recent breakout, analyst Ali Martinez identified a technical pattern suggesting further upward momentum.
Cup-and-Handle Pattern Taking Bitcoin to $255K
Martinez highlighted a “Cup and Handle” formation in Bitcoin’s price action, which often indicates a bullish continuation. The rounded base, marking the “Cup” phase, began mid-2022 and extended to early 2023. Notably, Bitcoin had bottomed near $15,000 during this period.
This phase concluded as Bitcoin recovered to a key resistance level of $73,750 in early 2024, initiating a consolidation period that formed the “Handle” of the pattern.
Martinez’s analysis projects a bullish target of $255,450 for Bitcoin, which aligns with a measured Fibonacci projection near the 2.272 level. If achieved, this would represent a 185.7% increase from current levels.
If #Bitcoin $BTC price action is following a cup-and-handle pattern, the bullish target could reach $255,000! pic.twitter.com/EMuA0QAPKA
— Ali (@ali_charts) November 13, 2024
Following the recent climb to $90,000, a potential pullback could offer an entry point near $80,000, according to analyst Michaël van de Poppe. Meanwhile, the $100,000 mark remains a psychological target for many traders, especially if the bullish sentiment continues.
Dangers of Heightened Optimism Around Bitcoin $100K Target
As Bitcoin touched record highs, data from market intelligence platform Santiment revealed heightened social media speculation around potential price targets above $100,000.
Historically, excessive hype often aligns with local price peaks, a pattern seen during Bitcoin’s recent rally. Santiment suggests that countering this crowd behavior may benefit traders, as past trends indicate buying during periods of retail caution.
Recent social media trends exhibit heightened “fear of missing out” (FOMO) sentiment, often serving as a cautionary indicator for seasoned investors.
Nevertheless, recent data show that on-chain metrics reflect restrained sentiment, with signs of “green greed” rather than extreme greed among long-term holders.