Bitcoin’s Path to $125K
Here’s how I see the potential move to 125K for Bitcoin:
Looking at the chart, I can clearly identify a Cup and Handle formation. The cup has formed over a long period, starting from the peak around 69K in 2021, through the decline in 2022, and now with the recovery bringing us back to the current levels around 70K. The rounded bottom of the cup is a textbook example of this pattern.
For the handle, I’m anticipating a bit of consolidation or a minor pullback in the near term, which would complete the pattern. This is typical after a significant rise, as it allows the market to cool off before the next leg up. The critical point will be the breakout above the resistance level, which I see around 70K to 75K.
Breakout Potential: Once we break through the 70K-75K resistance, I expect a strong upward move. This breakout would confirm the Cup and Handle pattern, and from there, we could see a significant rally.
Target: Based on the depth of the cup (roughly
54K from the peak at 69K down to the bottom near 15K), I’m projecting that once we break out, the price could climb to 125K. Adding that 54K depth to the breakout point around 70K gives us this target.
How It Might Play Out:
Step 1: I see the price breaking through the 70K-75K resistance, possibly after a brief consolidation period forming the handle.
Step 2: Following the breakout, I expect a steady rally, supported by increasing momentum and volume. If we see strong buying pressure, this move could accelerate quickly.
Step 3: As we approach 125K, there might be periods of consolidation or even pullbacks, but the overall trend should remain bullish.
Key Levels to Watch:
Resistance: 70K-75K is the key level we need to break. If the price pushes through with strong volume, it will likely confirm the bullish breakout.
Support: If there’s a pullback, I’d be watching for support around
64K, which has previously acted as resistance and could now provide a strong base.
I’m optimistic about this setup, and as long as we see continued bullish sentiment and strong momentum, I believe Bitcoin has a solid chance of reaching 125K in the next major move. I’ll be keeping a close eye on volume and momentum indicators like RSI and MACD to confirm the strength of this trend.
Write your thoughts in the comments.
Looking at the chart, I can clearly identify a Cup and Handle formation. The cup has formed over a long period, starting from the peak around 69K in 2021, through the decline in 2022, and now with the recovery bringing us back to the current levels around 70K. The rounded bottom of the cup is a textbook example of this pattern.
For the handle, I’m anticipating a bit of consolidation or a minor pullback in the near term, which would complete the pattern. This is typical after a significant rise, as it allows the market to cool off before the next leg up. The critical point will be the breakout above the resistance level, which I see around 70K to 75K.
Breakout Potential: Once we break through the 70K-75K resistance, I expect a strong upward move. This breakout would confirm the Cup and Handle pattern, and from there, we could see a significant rally.
Target: Based on the depth of the cup (roughly
54K from the peak at 69K down to the bottom near 15K), I’m projecting that once we break out, the price could climb to 125K. Adding that 54K depth to the breakout point around 70K gives us this target.How It Might Play Out:
Step 1: I see the price breaking through the 70K-75K resistance, possibly after a brief consolidation period forming the handle.
Step 2: Following the breakout, I expect a steady rally, supported by increasing momentum and volume. If we see strong buying pressure, this move could accelerate quickly.
Step 3: As we approach 125K, there might be periods of consolidation or even pullbacks, but the overall trend should remain bullish.
Key Levels to Watch:
Resistance: 70K-75K is the key level we need to break. If the price pushes through with strong volume, it will likely confirm the bullish breakout.
Support: If there’s a pullback, I’d be watching for support around
64K, which has previously acted as resistance and could now provide a strong base.I’m optimistic about this setup, and as long as we see continued bullish sentiment and strong momentum, I believe Bitcoin has a solid chance of reaching 125K in the next major move. I’ll be keeping a close eye on volume and momentum indicators like RSI and MACD to confirm the strength of this trend.
Write your thoughts in the comments.
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