The Bitcoin price for reversal was determined to $ 130,000 after forming a major cup and handling support
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Bitcoin’s work was held in A. Tightness 84,000 dollars and $ 82,000 in recent days, with bulls struggling to pay up. Public market feelings are one of a CautiousThe hopes of the rapid return began above 90,000 dollars in fading. However, the new technical analysis indicates that bitcoin can be about to gather a big gathering Currently compatible Cup style and embrace.
The support of the cup and the handle can cause a large gathering in Bitcoin
The last bitcoin price movements have paid attention to a major artistic structure to support the handle of the cup and processing pattern, indicating that the bullish preparation may be quietly formed. The interesting price of bitcoin has been transferred In technical analysis By the encryption analyst on the TradingView platform.
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The cup pattern and the incarnation concerned It was formed Several years, with the round round stretch stretching from 2021 to mid -2024. The accumulation period has long witnessed that bitcoin gradually recovered from the Habbudian market cycle before breaking it over the resistance of the neckline. The penetration began to form the handle in the last half of 2024, a unification phase that paves the stage for the next BTC. By November 2024, Bitcoin completed this handle stage and went in an impressive rally that eventually increased a new rise at 108,786 dollars in January 2025.
However, the last 24 % correction of this witnessed the highest level ever Return to the resistance of the neck From the formation of the cup and the embrace. The next logical step is to resist this neckline as support for price correction and we can see bitcoin recovery from here. In terms of prediction of prices, setting the targeted Elliott Wave analysis and projections, the price is above $ 130,000, especially at $ 139,000.
Elliot wave analysis indicates an increase of $ 130,000
According to the technical framework of Elliot Waves, Bitcoin is currently present Fifth Fifth Wave Coordination. However, this fifth wave, which is generally ascending, is interspersed with the corrective ABC sub -wave, which led to a re -testing of the cup composition support. Now the support has been fulfilled, Bitcoin is in a position that allows it to apostasy and continue training From the fifth driving wave. It is expected that the target price is over $ 130,000.
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The trophy and equation are aligned with Elliott Wave’s expectations in a state of great outbreak in the coming months. However, the basics of Bitcoin reflects the uncertainty in the short term. There is currently a decrease in the upscale momentum needed to endure a sign of $ 90,000, which will be the first step needed to reach $ 130,000. Fixed institutional flows From Spot Bitcoin Etfs increased the pressure pressure, which limits bitcoin to restore strength in the short term.
At the time of writing this report, Bitcoin is traded at $ 83,500.
Distinctive image from Unsplash, Chart from TradingView.com
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