However, he also emphasized that this bullish surge to new all-time highs is contingent on Bitcoin meeting specific market conditions. Bitcoin Set For Massive Rally To $263,000 In an X (formerly Twitter) post 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 downward price trend which emulates a handle.
The analyst disclosed that for this bullish surge to happen, Bitcoin’s price will have to break above the $68,000 level, which represents the handle part of the Cup with Handle chart pattern. In a more recent X post, the crypto analyst revealed that Bitcoin’s price has reached the upper resistance of the descending channel pattern.
Related Reading: Machine Learning Algorithm Predicts Shiba Inu Price Will Rise 119% In 5 Days Sharing a price chart depicting Bitcoin’s UTXO realized price distribution (URPD), Martinez predicted that BTC is poised to surge to new all time highs soon. The analyst also disclosed that the $66,000 price mark was a crucial support level for Bitcoin.
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