GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout

Bitcoin’s Cup And Handle Pattern Signals Explosive Move To $186,000 — Analyst

Popular market analyst Egrag Crypto has dropped a Bitcoin price prediction due to the recent formation of a highly bullish chart pattern. The maiden cryptocurrency currently trades above $84,000 following its minor recovery in the latter part of last week. However, the continuity of the current bull run remains uncertain barring a sustained uptrend.

Bitcoin’s Bullish Chart Pattern Hints At Major Price Surge

In an X post on March 14, Egrag Crypto states the BTC market may be preparing for a major price breakout. According to the technical analysis shared by the trading expert, Bitcoin has formed a Cup and Handle pattern hinting a major bullish move is on the horizon.

For context, the Cup and Handle pattern represents a textbook bullish formation that occurs when an asset experiences a rounded bottom i.e. the cup followed by a slight pullback i.e. the handle before a breakout to new highs. This is well illustrated in the weekly chart below following BTC’s price action in the past two years.

Bitcoin

According to Egrag Crypto, the premier cryptocurrency is on the verge of a breakout with multiple potential price targets in sight. The non-logarithmic target presents a conservative possible price peak of $113,000. Meanwhile, the logarithmic scale which accounts for historical exponential gains points to a price target of $260,000.

Taking an average of both methods, Egrag Crypto has picked a personal target of $186,000. The analyst also favors a potential price peak at $175,000 as indicated by the Fibonacci extension level of 1.618 which has historically acted as a reliable cycle top indicator. However, while this analysis presents a robust bullish prediction, Bitcoin must first experience a pullback to around $65,000 to initiate this price surge.

Bitcoin Network Fees Drop By 24%

In other news, IntoThe Block reports that Bitcoin network fees have decreased by 24.4% reaching $2.5 million which was last reported in September 2024. The analytics firm notes that this decline has occurred despite significant market changes which saw Bitcoin slip to $77,000 before rising to reclaim the $85,000 price level.

Amidst Bitcoin’s larger struggles, IntoTheBlock also reports that exchange inflows grew by $840 million suggesting a weakening market confidence as investors move to sell their assets.

At press time, the crypto market leader is valued at $84,545 reflecting a 3.12% gain in the past day. However, reported losses of 1.76% and 13.11% in the past seven and 30 days indicate a dominant bearish influence in recent weeks.

Bitcoin

Latest Press

post-thumbnail
News
3 hours ago
Crypto News: Hackers Target Kaito AI with False Claims of Wallet Compromise
The post Crypto News: Hackers Target Kaito AI with False Claims of Wallet Compromise appeared first ...
READ MORE
default post thumbnail
News
3 hours ago
XRP Price Must Close Above This Level For Bullish Breakout, Analyst Warns
XRP has struggled to gain momentum, with its price caught in a downtrend since the beginning of Marc...
READ MORE
default post thumbnail
News
3 hours ago
TON Price Jumps 20% Following Positive News On Telegram Founder
The TON price has reclaimed the $3 mark with an over 20% spurt on Saturday, March 15. This price spi...
READ MORE
default post thumbnail
News
3 hours ago
Stellar (XLM) Price Could Surge To $0.38 — Analyst Explains How
After a turbulent start to the week, the Stellar price seems to be finding some stability, briefly c...
READ MORE
default post thumbnail
News
3 hours ago
Bitcoin To $10,000? Top Analyst Issues A Stark Warning
An analyst revealed on Friday that Bitcoin might suffer a 91% decline from the coin’s all-time hig...
READ MORE
default post thumbnail
News
3 hours ago
Best Presales to Explode After Trump’s WLFI Ends $590M Token Sale
Trump-backed crypto investment firm World Liberty Financial has raised $590M in the $WLFI token sale...
READ MORE
default post thumbnail
News
3 hours ago
Best Meme Coin to Buy: 3 Top Picks for High-Risk, High-Reward Gains
The best meme coin to buy right now could transform your portfolio overnight. Last summer, I threw $...
READ MORE
default post thumbnail
News
3 hours ago
Dogecoin Price Prediction: Will It Ever Become a Mainstream Payment Method?
Dogecoin Price Prediction is a popular topic as more people wonder if it can become a real way to pa...
READ MORE
default post thumbnail
News
3 hours ago
Free Crypto: How to Claim Airdrops and Giveaways
Free crypto is up for grabs, and if you’re not taking advantage of airdrops and giveaways, you...
READ MORE
default post thumbnail
News
3 hours ago
Earn $150,000 a day, ION Mining: Free cloud mining platform helps you easily earn Bitcoin
The cloud mining platform ION Mining has attracted much attention, and it has attracted a large numb...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started