Bitcoin On Track For $275,000? Analyst Cites Cup And Handle Formation

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	2,073,101,395,590	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

2,073,101,395,590

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	642.11	0.61%	105,063.07	105,052.64	105,052.65

Price Change

Price Change %

Current Price

Bid Price

Offer

642.11

0.61%

105,063.07

105,052.64

105,052.65

High Price	Low Price	Open Price	Prev. Close	52 Week Range
105,500.00	103,909.45	104,335.91	104,420.96	38,501.00 - 108,388.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

105,500.00

103,909.45

104,335.91

104,420.96

38,501.00 - 108,388.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	07:53:43	0.011759	105,052.65	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

07:53:43

0.011759

105,052.65

USD

Price x Volume	Volume	Base Symbol	Related Pairs
291,309,430.93	2,781.20	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

291,309,430.93

2,781.20

Bitcoin On Track For $275,000? Analyst Cites Cup And Handle Formation

12/12/2024 6:00am

NEWSBTC

Bitcoin (BTC) fell to $94,500 yesterday after Microsoft shareholders decisively rejected a Bitcoin treasury proposal to allocate 1% of the company’s total assets to buy BTC as an inflation hedge. However, analysts are still confident of further appreciation of the BTC price. Bitcoin May Surge As High As $275,000 According to data from Coinglass, over $478 million worth of contracts – primarily long positions – were liquidated in the past 24 hours following the plunge in BTC and other cryptocurrencies. Interestingly, liquidation volumes were higher in altcoins compared to Bitcoin. Related Reading: Bitcoin Resets Open Interest, Targets $100,000 After Holding Key Support – Details However, some analysts view this price dip as a buying opportunity. Seasoned crypto analyst Ali Martinez took to X to highlight a long cup and handle pattern forming on Bitcoin’s weekly chart. For those unfamiliar, the cup and handle pattern is a bullish technical formation that resembles a rounded “cup” followed by a brief consolidation period or “handle.” It typically signals the potential for a continuation of an uptrend, often leading to significant price gains. Martinez noted that the pattern suggests Bitcoin could surge as high as $275,000, based on its technical structure. However, he also urged traders to exercise caution and avoid overleveraging their positions. On the other hand, prominent crypto analyst @Trader_XO warned that Bitcoin must maintain its support at $90,000 to avoid further downside. Should BTC lose this critical level, it could drop as low as $85,000. Conversely, holding above $90,000 would allow the cryptocurrency to rebound and resume its uptrend. BTC Takes Another Jab At Breaking Through $100,000 Despite yesterday’s dip, Bitcoin recovered swiftly, trading near $100,000 at the time of writing. The flagship cryptocurrency has remained in an overall uptrend, likely bolstered by today’s US inflation data for November, which largely aligned with market expectations. Related Reading: Bitcoin Price Could Peak In 200 Days, Before US Recession In Mid-2025, Report Says Bitcoin recently hit a new all-time high (ATH) of $103,679, according to data from CoinGecko. However, its price has fluctuated above and below the pivotal $100,000 mark, leading to over $1.5 billion in liquidations in the past week. Several factors could drive Bitcoin’s price to a new ATH. For instance, BTC reserves on cryptocurrency exchanges have hit multi-year lows, reflecting rising demand for the digital asset. American financier and former investment banker Anthony Scaramucci recently predicted China might establish its own Bitcoin reserve if the US proceeds with its strategic Bitcoin reserve plans. National BTC reserves are expected to reinforce Bitcoin’s supply scarcity narrative, potentially driving prices higher. At the same time, BTC adoption among corporations continues to rise, as Canadian video-sharing firm Rumble became the latest company to unveil a BTC treasury strategy. BTC trades at $100,453 at press time, up 4.1% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com

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