- Bitcoin nears $130K as multi-year Cup and Handle pattern signals breakout potential.
- Elliott Wave count suggests Bitcoin is entering wave 5 with $400K+ long-term target.
- Market data shows strong liquidity despite recent price dip and trading volume decline.
Bitcoin’s long-term technical formation has reached a serious juncture, with analysts noting that the cryptocurrency is approaching the upper boundary of a major bullish pattern. Chart data from analyst Gert van Lagen indicates that Bitcoin is nearing the $120,000 to $130,000 price range, a target derived from a multi-year Cup and Handle formation. Beyond this level, a separate growth projection places the next potential peak above $300,000.
The analysis points out three major bullish structures that formed over the past decade. The first, a cup-and-handle pattern, took shape between 2015 and 2017 and preceded a major upward rally. The second pattern, a Double Bottom, formed between 2018 and 2020 and marked another accumulation phase before the next bull run.
The most recent Cup and Handle formation spans from 2021 to 2024. The handle phase is nearly complete, suggesting a possible breakout in the coming months. The pattern mirrors the structure seen in previous cycles, confirming the view that Bitcoin could be entering the final wave of its current bull phase.
In addition to pattern recognition, the chart includes numbered wave counts from 1 to 5, signaling the use of Elliott Wave Theory. Based on this structure, Bitcoin is believed to be moving into wave 5, which is historically considered the most aggressive and final upward phase of a market cycle. The wave 5 target extends well beyond current price levels, with projections exceeding $400,000.
Current Price Behavior Reflects Consolidation Phase
As of the latest CoinMarketCap data, Bitcoin is trading at $108,836.05. The price has recorded a modest 0.74% decline over the past 24 hours. Intra-day movements show volatility, with lows below $107,000 and peaks above $109,000, indicating active participation but short-term uncertainty.
Bitcoin’s market capitalization stands at $2.16 trillion, closely aligned with its fully diluted valuation of $2.28 trillion. With 19.86 million BTC already in circulation, and a total cap of 21 million, Bitcoin’s fixed supply continues to underpin its valuation model.
In addition, daily trading volume fell by 19.50% to $53.84 billion, compared to the previous period. The lower volume observed might mean that traders are pausing after recent increases in price. Though the daily trading volume decreased, the volume-to-market cap ratio is healthy at 2.41%, proving that buyers and sellers can still trade easily.
Breaking the current Cup and Handle could cause Bitcoin to see a quick price rise similar to previous clear bull market patterns. While van Lagen’s chart outlines an exponential path, it is estimated that Bitcoin may skyrocket above $300,000 if wave 5 develops as planned.
