- A three-year cup-and-handle pattern that is almost complete is what analysts predict will lead to Bitcoin’s potential breakout in Q4 2024.
- Bitcoin’s price surge aligns with historical trends, indicating Q4 could trigger an epic rally in the crypto market.
Bitcoin’s price is primed for a huge breakthrough, with analysts predicting an extraordinary spike by the end of 2024.
According to recent developments, the cryptocurrency might reach between $110,000 and $260,000, pushed by the famous “cup-and-handle” pattern—a bullish technical indicator that frequently forecasts an accelerated upward trend.
Bitcoin Handle Phase Signals Potential Breakout to $110,000
Titan of Crypto, a notable analyst, underlines that Bitcoin’s current consolidation period is the “handle” of a three-year pattern. According to him, this handle represents the final stage before a breakout, with a projected price goal of around $110,000.
#Bitcoin $110,000 Is on the Way 🚀
The Cup & Handle pattern is still in play.
A bit more patience—the last quarter of the year is going to be epic! 💪 pic.twitter.com/lZM7FW1EJS
— Titan of Crypto (@Washigorira) September 1, 2024
This prognosis is not without merit; the cup-and-handle pattern is a well-known bullish indication in technical analysis, frequently resulting in significant price increases once the pattern is completed.
The “cup” depicts Bitcoin’s progressive bottoming out from its peak of $69,000 in November 2021 to a low of $15,500, then a rally to a new all-time high of $73,800 in March 2024. Bitcoin is currently in the handle phase, which is a modest downward trend that usually precedes a large price breakout.
Supporting these predictions, historical patterns indicate that Bitcoin’s biggest major rallies typically come in the fourth quarter of halving years, lending credence to the potential of a dramatic price increase in Q4 2024.
Notably, CryptoQuant CEO Ki Young Ju has stated that previous post-halving bull rallies typically began in the fourth quarter, implying that Bitcoin may be preparing for another huge surge.
However, not all experts believe that the path to a six-figure price will be straightforward. While the overall mood remains positive, some expect a drop before Bitcoin hits its forecast highs.
For example, Bitcoin expert Magoo PhD expects a likely dip below $40,000 before the expected rally, echoing earlier analysis that identified this area as the best entry point for the next bull market.
Despite this cautious stance, some, like analyst Moustache, believe that Bitcoin’s bottom might be around $57,000, implying that the downturn will not be as severe as some anticipate.
As the fourth quarter of 2024 approaches, all eyes are on Bitcoin to see if it can live up to these lofty expectations. The probable breakout above its prior all-time highs might spark a historic price surge, attracting the attention of both traders and investors.
In this context, the cup-and-handle pattern is a source of hope for the cryptocurrency market, with specialists eagerly watching every move to predict the next significant price trend.
On the other hand, CNF previously reported that Bitcoin’s integration with DeFi is expanding, with around 1% of its supply now locked in DeFi platforms.
Meanwhile, as of writing, BTC is trading around $64,049.85, down 0.54% over the last 24 hours, falling from its rally momentum a few days ago.
