A crypto analyst predicted that Bitcoin (BTC)the world’s largest cryptocurrency, is on track to hit an unprecedented $263,000. However, he also stressed that this bullish surge to new all-time highs depends on Bitcoin meeting specific market conditions.
Bitcoin Set for Massive Rally to $263,000
In an X (old Twitter) publish On July 23, a crypto analyst identified as ‘Trader Tardigrade’ revealed that Bitcoin’s current price chart was forming a key technical pattern known as the “Cup with Handle” chart pattern. Notably, the Cup with handle pattern is a unique technical indicator where the price movement of a cryptocurrency typically resembles a cup, followed by a falling price trend that emulates an identifier. This identifier usually means a buying opportunity to go long on the asset.
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Sharing a price chart illustrating Bitcoin’s Cup with Handle pattern, Trader Tardigrade noted that Bitcoin could witness a substantial rally for a measured target of $263,000 before the end of 2024. The analyst revealed that for this bullish surge to happen, the Bitcoin price will have to break above the $68,000 level, which represents the handle portion of the Cup and Handle graphic pattern.
In a more recent X postcrypto analyst revealed that Bitcoin price has reached upper resistance of the descending channel pattern. This pattern means when the price of a cryptocurrency is moving within two parallel trendlines and falling. Typically, the upper trendline in this pattern acts as a resistance and the lower line acts as a support.
The analyst further noted that Bitcoin Price successfully reached the upper resistance of the descending channel. However, it revealed that the resistance was weaker than the lower support, facilitating the cryptocurrency’s potential breakout.
Trader Tardigrade also predicts that Bitcoin could undergo a briefing. consolidation period before witnessing its next breakout move. The analyst declared that the market was currently in the midst of a bull run, with Bitcoin set to will increase further by the end of 2025.
Key Support Level Identified for Bitcoin’s Next ATH
Bitcoin price is currently trading at $64,239, marking a Slight decrease of 3.11% in the last 24 hours, according to CoinMarketCap. Despite the struggles of cryptocurrency to hit new highs, Ali Martinez, a prominent crypto analyst, remains optimistic about its future prospects.
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Sharing a price chart representing Bitcoin’s UTXO realized price distribution (URPD), Martinez foreseen that BTC is about to hit new highs soon.
![Crypto Analyst Says Bitcoin Is Heading To $260,000, But This Has To Happen First 1 Bitcoin2](https://thegurumedia.com/wp-content/uploads/2024/07/Bitcoin-2.jpg)
The analyst also revealed that the $66,000 price tag was a crucial support level for Bitcoin. He added that if Bitcoin can hold a price level at $66,000, it will set a solid foundation for a potential. rise to new levels.
Featured image created with Dall.E, chart from Tradingview.com