Bitcoin (BTC) continues its bullish momentum. An analyst pointed out that it could reach $100k by early 2025. From the price perspective, the pattern suggests a Cup and Handle. This signifies an uptrend in Bitcoin’s chart. This technical formation is used mainly to foresee bullish signals, such as a steep rise in price possibly expected in the market.
$BTC up only mode is getting started
A new ATH in Q4 and $100,000 by Q1 2025!#Bitcoinhttps://t.co/6xbvneHJai pic.twitter.com/EoJpg2JHOc
— Elja (@Eljaboom) September 19, 2024
Cup-and-Handle Formation Targets $110,000
Bitcoin’s price has been trading sideways, consolidating just below key technical resistances, currently in the $61,500 range. The technical analysis suggests that as soon as this level is penetrated, Bitcoin can head towards its next resistance area in the $75,500 to $80,000 range. Such a move aligns with the pattern, which is widely recognized as indicating further price increases.
The pattern indicates a price target of $110,000 by 2025. As noted by analyst Elja, it demonstrates that Bitcoin could have an even further upward trajectory, drawing a six-figure value in the near future. The analyst elaborated on the view, claiming that an even larger inverse head-and-shoulders pattern is forming, too. According to Elja’s analysis, a new ATH may be observed in Q4 of 2024, and Bitcoin may rise to $100,000 in Q1 of 2025.
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Potential Drop to $40,000 Before the Surge
Although the trend of the Bitcoin price may be expected to remain relatively bullish in the long run, there are considerations about a reversal. Data from previous years suggest that Bitcoin could revisit the $40,000 level before shooting up to other resistance levels. While some traders are confident that Bitcoin will reach a six-figure price, some are still wary of making a short-term dip.
Bitcoin currently has support around $57,000. A move below this level could trigger the liquidation of over $860 million worth of leveraged short positions, according to CoinGlass data. This potential downside risk adds caution to the bullish projections.
As Bitcoin progresses toward its ATH, traders and investors are closely monitoring key support and resistance levels to identify potential trend reversals. The patterns suggest Bitcoin is due for a big rally, but, volatility is a concern before it hits $100,000.
