Bitcoin ‘close to breakout’ as this formation puts next target at $320,000
Amid Bitcoin’s (BTC) struggle to break past $70,000, a crypto technical analyst has stated that recent price movements suggest that the digital asset has the potential for a massive break out. Particularly, in an X post on July 29, the analyst, Gert van Lagen, noted that Bitcoin appears to be on the verge of a significant breakout, with its next potential target ranging between $240,000 and $320,000. This bullish outlook is highlighted by a compelling “Cup & Handle” formation on Bitcoin’s weekly chart. Notably, this pattern is typically seen as a bullish continuation pattern, indicating that the price is likely to continue in its current trend. In this case, Bitcoin’s price has formed a large, rounded bottom (the “cup”), followed by a consolidation period (the “handle”), which suggests an impending break out. Picks for you ...