In his detailed analysis of Bitcoin's price, crypto analyst CobraVanguard from TradingView emphasizes the formation of the classic "Cup And Handle" pattern. This technical model is a well-known bullish continuation indicator, signaling a potential increase in momentum and the approach of significant price growth.
Interestingly, the chart also reveals other important technical signals. Specifically, a "Rising Triangle" pattern has been identified, characterized by a horizontal resistance line at the top and an ascending trend line at the bottom. This pattern is also a bullish formation that often precedes price increases, indicating a strengthening of buying pressure.
Speaking of buying pressure, CobraVanguard notes that the emergence of two bullish technical patterns on the BTC chart could signal a buy-and-hold (HODL) opportunity. Currently, Bitcoin's price is significantly below historical highs, trading at around $96,000, making this moment potentially optimal for market entry ahead of future growth.
Based on these patterns, the TradingView analyst has set a new target for Bitcoin. He predicts that the leading cryptocurrency will reach $120,000 in the coming weeks. This would mark a new historical high, surpassing previous records set earlier this year.
It is worth noting that in addition to the aforementioned patterns, CobraVanguard also discovered a harmonic pattern AB=CD on the chart. This indicator suggests symmetry in Bitcoin's price movement and signals a potential growth impulse following the completion of the pattern.
While the TradingView analyst forecasts that the asset may reach $120,000, he also points out that further breakthroughs of bullish formations could lead to an even higher target of $124,600.