Bitcoin | Cup and Handle | $138,471

Time seems to zoom by, and when you glance at the Bitcoin chart with 2014 on one end of the timeline and the current cycle on the other, it's astonishing how each market cycle bears striking resemblances. Our focus today is on the Weekly timeframe, where we've unearthed intriguing insights by comparing market cycles.


If you examine our chart closely, you'll notice a recurring pattern - the Cup and Handle. This pattern emerged after the market bottom in 2015, reappeared in 2019, and has now resurfaced in 2023. The resemblance is uncanny, as Bitcoin's price appears to be faithfully following this pattern.

To further enhance our analysis, we've introduced a rising Fibonacci channel that highlights potential rising support lines. Additionally, we've incorporated a descending Fibonacci channel to approximate resistances and make predictions. By employing these two methods, we've calculated a potential target for the next cycle, and it's an eye-opener - $138,471. This projection is nearly double the previous all-time high reached in 2021.


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