{"id":918,"date":"2024-10-27T06:00:21","date_gmt":"2024-10-27T06:00:21","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/bitcoin-price-to-go-vertical-towards-200000-as-crypto-analyst-points-out-massive-cup-and-handle-pattern\/"},"modified":"2024-10-27T06:00:21","modified_gmt":"2024-10-27T06:00:21","slug":"bitcoin-price-to-go-vertical-towards-200000-as-crypto-analyst-points-out-massive-cup-and-handle-pattern","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/bitcoin-price-to-go-vertical-towards-200000-as-crypto-analyst-points-out-massive-cup-and-handle-pattern\/","title":{"rendered":"Bitcoin Price To Go \u2018Vertical\u2019 Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle Pattern"},"content":{"rendered":"

The Bitcoin price could see its price surging dramatically to $200,000, with the formation of a new Cup and Handle pattern<\/a>. While the pioneer cryptocurrency has been slowly recovering from bearish trends<\/a> to reach the $70,000 mark, a rally to $200,000 would mark a historical milestone and a new All-Time-High (ATH) for BTC.\u00a0<\/p>\n

Technical Pattern Signals $200,000 Rally Ahead<\/h2>\n

Popular crypto analyst, Mags has potential for a major rally.\u00a0<\/p>\n

Mags revealed that the Bitcoin price has just moved past the handle portion in the technical pattern, indicating a positive signal for a breakout that could start a bullish phase. As its name suggests, a Cup and Handle pattern is a key technical chart pattern that resembles a cup and handle.\u00a0In this chart pattern, the cup is in the shape of a U and is considered a bullish signal, while the handle represents a slight downward drift, which indicates a\u00a0potential buying opportunity to go long.\u00a0<\/p>\n

\"Bitcoin<\/p>\n

Mags observed that since Bitcoin has just broken past the handle, the next level is to watch the \u201cneckline\u201d which serves as a resistance point. If Bitcoin can break through the neckline, it\u2019s price could surge dramatically or like the analyst says \u201cgo vertical.\u201d This bull rally could see Bitcoin\u2019s price driving towards $200,000, marking a new all time high for the cryptocurrency.<\/p>\n

Currently, the price of Bitcoin is trading at $66,972, reflecting a slight 2.02% decrease in the past seven days, according to CoinMarketCap. While Mags has projected a $200,000 price increase for Bitcoin, the analyst has also forecasted even higher price targets in previous X posts, suggesting that a $200,000 price level may be conservative for the world\u2019s first and largest cryptocurrency.\u00a0<\/p>\n

Bitcoin Price Peak Set At $300,000<\/h2>\n

In another X post on October 24, Mags disclosed<\/a> that Bitcoin is about to enter its price discovery, suggesting an imminent breakout to new levels. Price discovery<\/a> is the process by which an asset\u2019s true market value is determined, and for Bitcoin, it suggests when its price could reach fresh highs.\u00a0\u00a0<\/p>\n

Sharing a historical Bitcoin price chart, the analyst pinpointed instances where the cryptocurrency entered a price discovery before reaching a peak. In 2014, BTC hit a peak<\/a>, then bottomed out in 2015 before reaching another price high in 2018. A similar price action occurred between 2019 and 2024, with BTC achieving a bottom in 2019 and peaking in 2021.\u00a0<\/p>\n

\"Bitcoin<\/p>\n

Following this historical price trend, Mags indicated that Bitcoin hit its bottom<\/a> in 2023 and is now about to enter its price discovery. Once the cryptocurrency does, it could signal a surge to a new all-time high, which Mags has set at an impressive $300,000.\u00a0<\/p>\n

\"Bitcoin<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price could see its price surging dramatically to $200,000, with the formation of a new Cup and Handle pattern. While the pioneer cryptocurrency has been slowly recovering from bearish trends to reach the $70,000 mark, a rally to $200,000 would mark a historical milestone and a new All-Time-High (ATH) for BTC.\u00a0 Technical Pattern…<\/p>\n","protected":false},"author":1,"featured_media":919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[15,22,28,29,32,33,34,35,36,51,52,53],"class_list":["post-918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=918"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/918\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/919"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}