Using the cup-and-handle pattern, market analyst Ali has projected that Bitcoin (BTC/USD) price has the potential to hit $255,000. If continued, this technical formation that is usually associated with a bullish confirmation might set the basis for major price advances in the coming months.
According to Ali, this pattern indicates a major upward trend, which is important for traders and investors tracking Bitcoin movements.
Analyst Ali’s Bullish Target: let’s take a closer look at the Cup-and-Handle Pattern
From the Bitcoin chart provided by Ali, a cup-and-handle pattern has been formed. It is a recognized pattern for bullish continuation.
If #Bitcoin $BTC price action is following a cup-and-handle pattern, the bullish target could reach $255,000! pic.twitter.com/EMuA0QAPKA
— Ali (@ali_charts) November 13, 2024
It is typically formed by a cup and handle with a rounded base. The cup, then a brief consolidation or a slight pull back. Sometimes known as the handle to
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