Bitcoin (BTC) Mythical Pattern Signals Record Rise: Details by U.Today

U.Today – All eyes are currently on s price to see if it will validate the school pattern indicated on its chart and, in the process, reach new highs.

Ali, a cryptocurrency analyst, identified the legendary cup and handle pattern on the Bitcoin price chart. This technical formation, which is often viewed as a bullish indicator, indicates that Bitcoin may be on the verge of a major price rise.

According to Ali, a Bitcoin breakout of this pattern indicates a potential upside target of $276,400. The cup and handle pattern consists of a “cup” shape, where the price gradually falls and then rises to form a rounded bottom, followed by a “handle”, where the price briefly consolidates before breaking out to new highs.

The cup and handle pattern has appeared in Bitcoin price history during previous bull runs, often preceding major increases. If validated, this current setup sparks optimism about Bitcoin’s price trajectory.

Likewise, in a recent post According to CryptoQuant, the multiplier effect of Bitcoin could result in a $2 to $6 increase in market cap for every $1 inflow.

Bitcoin price movement

At the time of writing, Bitcoin is up 1.13% over the past 24 hours to $103,358. Bitcoin reached highs of $105,970 in Friday’s session, continuing its recovery from lows of $95,900 on January 13.

After a massive sell-off at the start of the week, cryptocurrencies rebounded as riskier assets rose broadly in response to comfortable US inflation data, which reignited expectations of a future Fed rate cut.

In the past 24 hours, gains have been reversed across various crypto assets, with the majority trading at losses. In the past 24 hours, $477 million worth of cryptocurrency positions were liquidated, according to CoinGlass data.

So far this year, Bitcoin has traded closely with stocks. It has been in consolidation mode since late December, when Federal Reserve Chairman Jerome Powell issued an inflation warning, which was lifted later this week after moderate inflation numbers were released in December. Bitcoin ETFs have received inflows of more than $1 billion over the past two days.

This article was originally published on U.Today