In this analysis I want to discuss the possibility of Bitcoin forming massive cup and handle pattern, spanning over nearly 3 years.
With the halving coming up, Bitcoin's short-term price outlook has turned out sour. With this signal I want to prepare ourselves for the possibility of Bitcoin giving away all of 2024's gains and retesting the 40k-35k area.
My long-term price outlook is very bullish. It's a matter of time before BTC blasts through 100k.
By combining the cup and handle pattern with Fibonacci's golden pocket (0.65 to 0.618 retracement, purple area for sumplicity), I think we're combining two very strong narratives. 1) Bitcoin's bullish long-term outlook. 2) Bitcoin's short-term bearish outlook, fueled by the halving's potential sell-the-news event.
If BTC will somehow hit the 40k-35k area over the next few months, I think it will be an amazing time to step into the market for a move that takes us >100k.
Namaste.