- BTC forms a bullish Cup & Handle pattern, targeting breakout above $69K resistance.
- Analyst sets average price target at $186K, backed by multiple charting methods and cycles.
- Bitcoin rallies past $79K with rising volume, signaling strong market interest.
Bitcoin’s current market structure is drawing increased attention following a technical analysis by chart analyst EGRAG CRYPTO. The analyst’s recent post points to a long-term “Cup and Handle” formation, which historically signals a bullish continuation pattern. This setup is now considered a possible factor for Bitcoin’s next major breakout, particularly if price action moves above the $69,000 resistance level.
The pattern, visible on the monthly chart, includes a large rounded base (the cup), followed by a tightening range (the handle). This formation often anticipates an upside surge once resistance is cleared. In this case, the identified resistance sits near Bitcoin’s previous all-time high of around $69,000. A confirmed breakout above this level could trigger a multi-phase rally.
Projected Targets Based on Multiple Scaling Methods
EGRAG’s chart features three primary targets drawn from different technical models. These include a non-logarithmic projection of $113,000, a logarithmic model projecting $260,000, and an average target of $186,000. Additionally, a Fibonacci 1.618 extension places Bitcoin’s potential at $175,000.
The analyst averages the non-logarithmic and logarithmic projections to mitigate scale-related biases in long-term forecasting. According to EGRAG, this approach provides a more balanced estimate, especially during extended price movements. The average target of $186,000 is the most realistic for this cycle’s top.
This outlook also aligns with historical bull cycles in 2017 and 2021. EGRAG notes that the average projection provided reliable outcomes during those phases, strengthening the credibility of the $186,000 price zone as a key level for long-term expectations.
The post, shared on X and accompanied by a detailed chart, includes overlays of previous market cycles, showing visual parallels with the current price structure.
Bitcoin Rallies to $79K With Increasing Market Participation
While the technical pattern continues to expand, Bitcoin’s spot price has moved upward. As of press time, Bitcoin traded at $79,157.30, reflecting a 4.99% gain over the previous 24 hours. According to data from CoinMarketCap, the 24-hour trading volume surged by 17.83%, reaching $72.75 billion.
The rally saw Bitcoin briefly surpass $80,000 during overnight trading before stabilizing in the lower $79,000 range. The price has been rising gradually, starting from $75,490, and is backed by high market demand. The amount of bitcoins in circulation is currently 19.84 million out of 21 million. That brings the fully diluted market value of the network to $1.66 trillion.
