- The Bitcoin cup and handle pattern continues to influence market strategies, with a potential target of $126,107.
- Analysts predict BTC’s recovery after China’s stock market stabilizes, but uncertainty remains for now.
With his insights on Bitcoin’s cup and handle pattern, crypto influencer Marty Party lately started discussions all throughout the community. With a target price of $126,107, Marty claims this trend was started in August and remains the main concern for traders.
Marty pointed out that the convergence of this trend with the approaching US election clearly provides a possible chronology for when notable price movement might take place.
#Bitcoin Cup and Handle was triggered in August and remains in play as the primary pattern. Target remains $126107. Confluence to US Election is clear.
Notes: Expect a 10-20% chance of a V shaped final flush to clear longs before the mark up.
Spot traders dont need to do… pic.twitter.com/4C7RxDc8Cl
— MartyParty (@martypartymusic) October 6, 2024
BTC Traders Advised to Set Limit Orders for Potential Volatility
Fascinatingly, he noted that before the price increase, there is a 10-20% likelihood of a sharp, V-shaped correction. Often referred to as a “final flush, this correction might clean long positions.
Marty’s advice to spot traders is to be cool since exchanges like Binance can go down for maintenance during such an event, preventing traders from panic-buying the lows. Rather, he advises putting buy limit orders in lower levels with particular targets of $48,000, $50,000, and $52,000. A few of these orders might fill during any volatility surge.
Marty advises traders utilizing leverage to create limit long orders between $48,000 and $58,000 since these cost nothing to place but could be quite helpful in ensuring a profitable position.
He also underlined the circumstances surrounding leveraged short traders, saying they are already highly exposed and with an estimated $21 billion in shorts ready to be sold should Bitcoin hit $70,000.
Macroeconomic elements are also influencing Bitcoin’s performance outside of the direct trading approaches. According to CNF, the rise in Chinese stock markets has lately diverted money away from Bitcoin, causing a brief decline in the BTC price.
Still wary, analysts say that once the Chinese stock market stabilizes, Bitcoin might recover. Still, uncertainty hangs large, which makes the near future of BTC somewhat erratic.
Meanwhile, BTC is trading at roughly $62,472.41 as of right now; it has not moved much over the past 24 hours as it keeps consolidating. Its daily trade volume comes to $27.45 billion.
