"BTC/USD: Bullish Cup and Handle Pattern Suggests New Highs
2024-07-29

In this analysis of Bitcoin (BTC) against Tether (USDT) on the daily chart, I've identified a classic Bullish Cup and Handle pattern. This pattern indicates a potential bullish breakout, with the handle forming a bullish rectangle. Here's a breakdown of the key points:

Cup Formation: The cup began forming around early 2022 and was completed in mid-2023, showing a well-rounded bottom, suggesting a strong accumulation phase.
Handle Formation: The handle, forming as a bullish rectangle, indicates consolidation with an upward bias, giving further strength to the bullish outlook.
Breakout Target: Based on the height of the cup, the breakout target is projected to be around $100,000, a significant psychological level.
This setup suggests a strong bullish trend for BTC, potentially reaching new all-time highs by 2025. Keep an eye on the handle breakout confirmation and the continuation of this bullish momentum.

Disclaimer: This analysis is for educational purposes only and should not be considered as financial advice. Always conduct your own research before making any trading decisions.