Bitcoin price technical setups, including a “cup and handle” pattern, suggest an explosive move to $100,000-$150,000 over the coming months.
Bitcoin BTC $60,137 is flashing signals that may indicate an explosive move to the $100,000-$150,000 range by the first quarter of 2025.
BTC price classic pattern hints at big a breakout
Bitcoin’s recent price action shows a confluence of technical indicators aligning with a breakout. The most notable pattern forming on the charts is the “cup and handle,” a classic technical formation suggesting bullish continuation.
This pattern features a rounded bottom (cup) and a subsequent consolidation phase (handle). The handle’s formation signals a period of consolidation, often preceding a major bullish breakout.
In Bitcoin’s case, the cup began forming after its peak in late 2021, with the handle currently taking shape as the cryptocurrency oscillates below the $65,000-$69,000 resistance level.
The cup-and-handle pattern resolves when the price breaks above its neckline resistance and, as a technical rule, rises by as much as the maximum distance between the neckline and the cup’s lowest point.
In Bitcoin’s case, the distance between the cup’s bottom (around $15,000) and the resistance at its rim (near $65,000) is approximately $50,000.
By projecting this distance upward from the breakout point, independent analyst Elja suggests a target range of $110,000 to $130,000 for BTC in early 2025.
Bitcoin a “ticking time bomb” — Analyst
A series of indicators highlighted by pseudonymous analyst Nestay points to an impending move to add weight to the cup-and-handle bullish setup.
For instance, Bitcoin’s weekly Bollinger Bands Width (BBW) indicator has been contracting since June. Technically, a contracting BBW suggests low volatility in the market, which, historically, has preceded major price movements.
Meanwhile, momentum oscillators like the Stochastic RSI and the relative strength index (RSI) indicate oversold conditions.
Nestay further highlights the popular Crypto Fear & Greed Index, which sits in the “fear” territory. Historically, periods of extreme fear have preceded some of Bitcoin’s most explosive upward moves, indicating oversold conditions and waning selling pressure.
The macroeconomic backdrop adds further weight to this bullish setup. A rising global liquidity index suggests an influx of capital into risk assets like Bitcoin.
This surge in liquidity, combined with Bitcoin’s tightening price action—described by Nestay as a “ticking time bomb”—creates a scenario where a potential breakout could occur, particularly as the market enters October and November.
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