PakGazette: All eyes are currently on the price of to see if it will validate a textbook pattern indicated on its chart and, in the process, reach new all-time highs.
Ali, a crypto analyst, has identified the legendary cup and handle pattern on the Bitcoin price chart. This technical formation, often seen as a bullish indicator, suggests that Bitcoin could be on the verge of a significant price rise.
According to Ali, Bitcoin’s 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 declines and then rises to form a rounded bottom, followed by a “handle”, in which the price briefly consolidates before reaching new highs.
The cup and handle pattern has appeared in Bitcoin price history during previous bull runs, often preceding significant rallies. If validated, this current setup generates optimism about Bitcoin’s price trajectory.
Similarly, in a recent post by perspective. According to CryptoQuant, Bitcoin’s multiplier effect could result in between $2 and $6 increase in market value for every $1 inflow.
Bitcoin price action
At the time of writing, BTC was up 1.13% in the last 24 hours to $103,358. Bitcoin hit highs of $105,970 in Friday’s session, extending a rebound from lows of $95,900 on January 13.
After a major sell-off at the start of the week, cryptocurrencies rallied as riskier assets rose broadly in response to reassuring US inflation data, which revived expectations of a future rate cut. interest rate of the Federal Reserve.
In the last 24 hours, the gains of several crypto assets have reversed, with most trading at losses. In the last 24 hours, $477 million worth of cryptocurrency positions were liquidated, according to data from CoinGlass.
So far this year, Bitcoin has traded fairly closely with stocks. It has been in consolidation mode since late December, when Federal Reserve Chair Jerome Powell issued an inflation warning, which was then lifted this week following two subdued inflation numbers in December. Bitcoin ETFs have received over $1 billion in inflows over the past two days.
