Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Bitcoin is headed for $90,000 according to this technical pattern

Bitcoin is headed for $90,000 according to this technical pattern

Cryptodnes2024/06/07 17:46
By:Cryptodnes

Bitcoin's recent price movements have caught the attention of traders, with technical analysis suggesting a potential bullish rally.

At the time of writing the price of Bitcoin is $67,200, with a daily trading volume of $38.7 billion. Despite the recent 1.3% drop, AltCryptoGems analyst Sjuul pointed out a possible bullish “Cup Handle” pattern forming on the chart of BTC/ USDT .

Technical analysis

The Cup Handle pattern is a bullish chart formation that is used by traders to identify potential long positions. This model is characterized by a “U” shape (the cup) followed by a slight downward movement (the handle). According to Sjuul, Bitcoin appears to be forming a remarkable Cup Handle formation that usually indicates a bullish trend.

READ MORE:
Bitcoin may not survive, according to Cardano's founder

Sjuul describes two possible trading scenarios with this model. The first scenario involves pulling back deeper along the handle channels. In this case, traders can look to enter the market at the green area, where the former resistance level has turned into support, complemented by the 4H EMA200. This zone is considered ideal to buy if a dip occurs.

Bitcoin is headed for $90,000 according to this technical pattern image 0

The second scenario occurs if the bulls continue to push higher. In this case, traders will wait for a breakout of the Cup Handle pattern by entering at the breakout level. In both scenarios, the critical factor is to see a breakout and break through the resistance level; otherwise the validity of the model is compromised.

If the Cup Handle pattern holds and breaks, the technical target should match the depth of the lowest point of the cup. According to Sjuul's estimates, that target will be around the $90,000 level. This potential spike represents a significant opportunity for traders, highlighting the importance of closely monitoring BTC price movements and fashion developments

SHARE: SHARES
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?

This Thanksgiving, we are grateful for bitcoin returning to $90,000.

BlockBeats2025/11/28 08:43
After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?

Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?

The current paradox of the Bitcoin network is particularly striking: while the protocol layer has never been more secure due to high hash power, the underlying mining industry is facing pressure from capital liquidation and consolidation.

区块链骑士2025/11/28 08:23
Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?

What are the privacy messaging apps Session and SimpleX donated by Vitalik?

Why did Vitalik take action? From content encryption to metadata privacy.

ForesightNews 速递2025/11/28 08:23
What are the privacy messaging apps Session and SimpleX donated by Vitalik?

The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun

The attacker incurred a loss of 3 million in a "suicidal" attack, but may have achieved breakeven through external hedging. This appears more like a low-cost "stress test" targeting the protocol's defensive capabilities.

ForesightNews 速递2025/11/28 08:23
The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun