Recent technical analysis suggests that Bitcoin (BTC) may be preparing for a significant upward move. Analyst CryptoCon identified a Bitcoin classic chart pattern that projects a 70% increase. This technical formation has generated optimism among market observers.
The analysis focuses on the formation of a “cup and handle” pattern on Bitcoin’s weekly chart. According to technical analyst CryptoCon, this formation is one of the most reliable for projecting long-term movements. CryptoCon detailed that the measured price target stands at $111,000.
This target is calculated by measuring the depth of the “cup” and projecting it upward from the breakout point, which is near the previous all-time highs. Confirmation of the pattern would require Bitcoin to sustainably break above current resistance levels, located around the $70,000 zone. Furthermore, the “handle” of the pattern represents a brief consolidation before the final impulse, a phase the market appears to be completing currently.
Cup and handle patterns are highly respected bullish technical indicators in traditional and cryptocurrency financial analysis. Generally, they indicate a period of consolidation followed by a significant bullish continuation. This type of technical analysis gains relevance amid global macroeconomic uncertainty. The global economy faces challenges, leading investors to seek alternative assets. The emergence of this pattern, which takes months or even years to form, provides a positive technical narrative for the main crypto asset. It reinforces the idea that, despite short-term volatility, the long-term market structure remains solid.
Will we see a new Bitcoin all-time high before the end of the year?
If the pattern develops as projected by CryptoCon, it would represent an increase of approximately 70% from recent price levels. A move toward $111,000 would far exceed the previous all-time high. For investors, this reinforces the “buy and hold” (HODL) strategy, anticipating a new parabolic phase. Traders are closely watching trading volumes to confirm the strength of the breakout. A surge in volume during the breakout would be considered a strong confirmation signal. However, technical analysis does not guarantee future results, and cryptocurrency markets remain inherently volatile. It is crucial to also consider fundamental factors and market sentiment.
The $111,000 projection based on this Bitcoin classic chart pattern offers a clear and technically grounded bullish scenario. Market participants now await confirmation of the breakout above key resistance. The success of this technical formation could mark the beginning of the next major bullish phase for the leading cryptocurrency. In the short term, monitoring support levels, particularly around the rim of the “cup,” will be crucial to validate the pattern’s continuation. If the price fails to break resistance, the pattern could be invalidated, leading to a more prolonged consolidation.
